The downward momentum for the markets comes on the heels of the release of a pair of reports showing a bigger than expected drop in housing starts and a bigger than expected increase in consumer prices.
The report said housing starts fell 6.5% to an annual rate of 1.001 million in May after jumping 12.7% to a rate of 1.071 million in April. Economists had expected starts to drop to a rate of 1.030 million.
A separate report from the
Worries about the ongoing conflict in
Nonetheless, trading activity is likely to remain somewhat subdued as traders look ahead to the Federal Reserve's monetary policy announcement Wednesday afternoon.
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