Wall Street retreats ahead of FOMC minutes

On Tuesday, US stocks dipped and benchmark Treasury yields edged lower due to few market moving catalysts. All three major US stock indexes were lower, with the tech-laden Nasdaq down the most as investors await Nvidia Corp’s results after the closing bell.

The S&P 500 and the Nasdaq appeared set to snap their five-day winning streaks. The Federal Reserve is expected to release the minutes of its most recent meeting later in the US session, which let its key Fed funds target rate stand at 5.25%-5.50%.

On the economic front, existing home sales tumbled to their lowest level in more than 13 years as rising mortgage rates and low inventories kept potential homebuyers on the sidelines.

European stocks were muted as weakness in telecom and energy stocks offset gains in materials as market participants focused on the soon-to-be-released Fed minutes. Treasury yields edged lower ahead of the Fed minutes amid growing concerns over economic slowdown and possible recession.