Wall Street Pulls Back From Highs as Earnings Pour In and Investors Grow Cautious
• Wall Street edged back from recent record highs as more corporate earnings arrived and investors grew cautious after the recent rally.
• Macy's shares dipped after announcing 150 store closures and reporting a loss and declining sales. Lowe's edged up after beating earnings expectations.
• The S&P 500 is on pace for its 4th straight monthly gain, supported by hopes of cooling inflation allowing Fed rate cuts to boost markets.
• Stronger economic data has led traders to delay forecasts for when Fed rate cuts could occur.
• On Thursday, the U.S. will release the inflation measure the Fed monitors. Markets were mixed in Europe and Asia.