Wall Street closed lower in the trading session on Tuesday as investors took a cautious approach ahead of the release of several key US economic data this week.
Among the main focuses this week are the NFP employment data for October and November which will be released on Tuesday at 9:30 pm, along with retail sales, business activity, and inflation data.
The NFP employment report for October was previously delayed due to the federal government shutdown at the beginning of the quarter.
New York Federal Reserve (Fed) President John C. Williams stated that the central bank's interest rate cut last week has put US monetary policy on a stronger footing.
However, the Fed Governor believes that the current inflation rate does not fully reflect the true dynamics between supply and demand in the economy.
In terms of market performance, the Dow Jones index fell 0.09% to 41.49 points, the S&P 500 fell 0.16% to 10.90 points, while the technology-focused Nasdaq fell 0.59% to 137.76 points.
The S&P 500 and Nasdaq had previously recorded their biggest declines in more than three weeks on Friday, due to concerns about inflationary pressures, as well as increased investment in artificial intelligence (AI) due to high debt levels.
Meanwhile, investors were also assessing reports that the nomination of White House Economic Advisor Kevin Hassett to take over from Fed Chairman Jerome Powell reportedly received opposition from several individuals close to US President Donald Trump.
