• The stock market’s eight-day winning streak ended on Tuesday.
• This week’s labor market data and Fed comments are the next potential catalysts for further gains.
• Fed Chairman Jerome Powell is scheduled to give a speech on Friday.

U.S. stocks traded lower on Tuesday, ending the S&P 500’s longest winning streak this year.

While the benchmark index had gained eight days in a row through Monday’s close, momentum faded on Tuesday as investors awaited comments from central banks to fuel the rally.

A new market driver could come on Wednesday when the Bureau of Labor Statistics releases revised nonfarm employment data for the period April 2023 to March 2024. A significant downward revision could push the Federal Reserve to cut interest rates even further and confound market expectations.

“After experiencing a recent growth scare that raised concerns that the Fed is behind the curve, markets will be watching Wednesday’s benchmark revision release closely to see if the market’s initial reaction was indeed correct,” said Quincy Krosby, strategist at LPL Financial.

On Tuesday, futures markets indicated that the probability of a 25 basis point rate cut in September was 69.5 percent. According to data from the CME FedWatch tool, 30.5 percent expected a 50 basis point cut.

Later this week, investors will also be keeping an eye on the central bank’s Jackson Hole Symposium, where Fed Chairman Jerome Powell is scheduled to speak.

Among individual stocks, Palo Alto Networks rose over 8% on Tuesday on better-than-expected results. The better-than-expected fourth quarter prompted Wedbush Securities to raise its price target on the stock to $400.

Here you can see the US indices at the close of trading on Tuesday at 4:00 p.m.:

Here’s what else is happening today:

For commodities, bonds and cryptocurrencies:

• West Texas Intermediate crude oil fell 1.44 percent to $73.3 a barrel. Brent crude oil, the international benchmark price, slipped 0.59 percent to $77.2 a barrel.
• Gold prices rose slightly by 0.35% to USD 2,512.95 per ounce.
• The yield on 10-year government bonds fell four basis points to 3.818%.
• Bitcoin rose 0.32% to $59,279.