U.S. stocks pulled back Tuesday morning as Wall Street recalibrated expectations on growth and inflation amid rising fiscal risks tied to President Donald Trump's sweeping tax proposal.
US homebuyers and refinancers took advantage of lower rates ahead of Fed's policy decision. Mortgage applications rose 11%, signaling housing market revival.
Utility stocks hit new highs amid trade policy uncertainty, with Utilities Select Sector SPDR Fund up 6.3% YTD. Constellation Energy Corp. jumps 11.87%.
Despite the best efforts of Elon Musk and the DOGE team, the US fiscal deficit for 2025 is $1.3 trillion so far, the second highest six-month level on record.
