Market Moves: Home Depot Gains Amid Fed's Anticipated Rate Cuts

The Dow edged closer to a record high as Home Depot shares rose against a backdrop of Fed anticipation. The market is closely watching earnings from key retailers and potential rate cuts, with consumer spending and tariffs impacting economic sentiment. Fed's symposium in Jackson Hole is highly anticipated.

On Tuesday, the Dow Jones Industrial Average brushed near record highs, bolstered by a 4.6% rise in Home Depot shares. This occurred as the market awaited insights from a forthcoming Federal Reserve conference later this week. The S&P 500 and Nasdaq showed more restraint, with eyes on earnings reports from major players like Lowe's and Walmart.

Consumer expenditure, contributing significantly to the U.S. economy, is under scrutiny due to tariffs. Recent data indicated a July dip in consumer confidence. Federal Reserve Vice Chair Michelle Bowman's upcoming remarks are generating interest. She aligns with President Trump's advocacy for up to three interest rate cuts within the year.

As Wall Street anticipates the Fed symposium in Jackson Hole, stock movements hint at underlying caution. Major indices have rebounded from earlier lows buoyed by a solid earnings season and expected rate cuts. Tech sector pressures and shifts within the S&P 500 highlight the dynamic trading environment.

(With inputs from agencies.)