US benchmark equity indexes fell ahead of Tuesday's close as traders processed recent comments from a Federal Reserve official alongside a survey regarding consumers' inflation expectations. The Dow Jones Industrial Average decreased by 0.7%, settling at 43,983.7. The S&P 500 saw a slight decline of 0.2%, ending at 5,990, while the Nasdaq Composite dipped 0.1% to reach 19,286.6.
Among various sectors, materials faced the sharpest drop, while communication services, technology, and consumer staples made gains. Richmond Fed President Tom Barkin shared insights on the US economy, stating it is currently in 'a good place.' He noted that interest rates have moved away from their recent peak and historic lows, allowing policymakers flexibility to 'respond appropriately,' regardless of future economic developments. In terms of yields, the US 10-year yield increased by 12.9 basis points to 4.44%, and the two-year rate rose by 8.8 basis points to 4.34%. Consumer inflation expectations in the US showed a 'slight' decrease across short-, medium-, and long-term outlooks in October, based on a survey conducted by the New York Fed. Several companies are preparing to release their latest quarterly financial results post-market closure, including Spotify Technology, Occidental Petroleum, and Flutter Entertainment.
Meanwhile, West Texas Intermediate crude oil prices slipped by 0.1% to $67.98 a barrel..