US stocks slip from record highs as investors await new economic data

Stocks in the United States fell from records Tuesday, as investors awaited new economic data.
Major indexes continue to see their seventh consecutive month with gains.

At 10 a.m., data on consumer confidence will be available. ET Tuesday.

Subscribe to our daily newsletter 10 Things Before The Opening Bell.

The last trading day in August saw record-breaking US stock prices fall as investors awaited new economic data.

At 10 a.m., data on consumer confidence will be available. ET Tuesday will provide some insight into how the Delta variant surge has affected spending habits across the US.

Friday's labor market data is expected to be out. After a strong July report, Deutsche Bank's US economists predict that hiring will slow.

The benchmark S&P 500, tech-heavy Nasdaq both hit new records in the last session. They are now on track for their seventh consecutive month with record gains. The S&P 500 reached 53 new highs so far, surpassing its records of 1964 and 1995.

Here are the US indexes at 9:30 AM. ET opens Tuesday

The optimism expressed by the Federal Reserve Chairman Jerome Powell last Wednesday has prompted stocks to respond with optimism. Powell indicated that while tapering asset purchases could be made and bond-buying could be accelerated this year, interest rates will remain low until 2023.

Deutsche analysts added to the optimism by pointing to Johns Hopkins University data showing a slowing global growth rate for COVID-19 cases, from 9.4% to just 0.1% over the last five weeks. Since June, the US has experienced its slowest rate of growth in cases.

Fundstrat's head of research, Tom Lee, stated in a Tuesday note that "we believe the 'everything rally is intact" and that markets will see strong gains over four weeks.

The 10-year US Treasury yield edged up slightly to 1.29% from 1.28% during the previous session. Prices are inversely related to yields.

West Texas Intermediate crude fell 1.03% to $68.50. Brent crude oil, the international benchmark for oil, fell 0.95% to $72.71 per barrel.

Gold dropped 0.38% to $1.811.65 an ounce.