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(Sharecast News) - Major indices were in the red early on Tuesday as traders looked ahead to minutes from the Federal Reserve Open Markets Committee's most recent two-day policy meeting.
As of 1515 GMT, the Dow Jones Industrial Average was down 0.17% at 48,379.71, while the S&P 500 shed 0.12% to 6,897.15, and the Nasdaq-Composite came out of the gate 0.18% weaker at 23,433.21.
The Dow opened 82.22 points lower on Tuesday, extending losses recorded in the previous session as the lateDecember rally started to show signs of losing momentum.
Tuesday's primary focus will likely be on minutes from the FOMC's December meeting, scheduled for release at 1900 GMT, with market participants expecting them to shed further insight into policymakers' assessment of the economy ahead.
The Federal Reserve cut rates by 25 basis points in December, taking total reductions for 2025 to 75 basis points, and marked a shift from the previous two cuts, which were aimed at easing inflation pressures, with the central bank opting to lower rates as part of an effort to support a softening labour market.
Elsewhere on the macro front, US home prices rose 1.4% yearonyear in October, according to the S&P/CaseShiller national home price index, up slightly from the 1.3% annual gain recorded in September. However, sixteen of the twenty major metropolitan areas tracked by the index turned in monthonmonth declines, as high mortgage rates continued to weigh on affordability and dampen price momentum.
On another note, the Federal Housing Finance Agency's seasonally adjusted monthly house price index revealed US house prices edged up 0.4% in October. Prices were 1.7% higher than at the same time a year earlier, while September's previously reported flat reading was downwardly revised to a 0.1% decline.
Finally, the Institute for Supply Management's Chicago purchasing managers index increased to 43.5 in December, up from 36.60 in November and ahead of estimates of 39.5 to 39.8. The December reading marked a significant rebound from the prior month's low, but remained well below the 50.0 neutral mark, indicating that while the rate of decline has slowed, the Chicago business sector remained in its 25th consecutive month of contraction.
No major corporate earnings were slated for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com