Market Indexes Stay Lower 2nd Straight Day, PCE On Deck

Market Performance - The blue-chip Dow index closed down 173 points, a decrease of 0.38% for the day [2] - The S&P 500 fell by 33 points, or 0.50%, while the Nasdaq also dropped by 0.50%, losing 113 points [2] - The small-cap Russell 2000 decreased by 25 points, representing a decline of 1.05% [2] - Bond yields are rising, with the 10-year yield at 4.17% and the 2-year yield at 3.66% [2] Economic Indicators - Existing Home Sales surged by 20.5% in August, totaling 4.00 million seasonally adjusted annualized units, slightly below expectations of 4.01 million but above the consensus estimate of 3.96 million [3] - The Midwest region experienced the largest gains in home sales, although the median home price there is 22% lower than the national median [3] Company Earnings - Costco reported fiscal Q4 earnings of $5.87 per share, exceeding the Zacks consensus of $5.81, but revenues were slightly below expectations at $86.16 billion compared to the anticipated $86.18 billion [4] - This marks the third earnings beat for Costco in the last four quarters, yet shares are down slightly in late trading, with a year-to-date increase of around 3% [4] Upcoming Economic Data - The Personal Consumption Expenditures (PCE) report is anticipated to impact the stock market, with the August data set to be released before the market opens on Friday [5] - Personal Income is expected to cool to 0.3% in August from 0.4% the previous month, while Personal Spending is projected to remain steady at 0.5% [6] - The PCE Index is forecasted to increase by 0.3% month over month for the headline and 0.2% for the core, with year-over-year PCE expected to rise by 10 basis points to 2.7% [6][7]