Wall Street wavers, crude slides on demand softness, CPI in view

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Key Points

NEW YORK (Reuters) -U.S. stocks were mixed on Tuesday and crude prices dipped as concerns over softening global demand held risk appetite in check a day ahead of inflation data...

Market participants were girding for the Labor Departments consumer price index (CPI) report, and the first debate between Vice President Kamala Harris and former President Donald Trump, who are locked in a tight race for the White House...

Wednesdays CPI report is expected to show inflation drifting closer to the Federal Reserves 2% target, reflecting Fed Chair Jerome Powells belief that price growth is under control, and softness in the labor market suggests the time has come for a policy rate cut...

Financial markets are baking in a 71% likelihood that the central bank will cut its Fed funds target rate by 25 basis points at the conclusion of its monetary policy meeting next week, with a 31% chance of a supersized 50 basis point rate cut, according to CMEs FedWatch tool...

European stocks turned negative, weighed by bank and energy stocks as investors took a cautionary stance ahead of U.S. inflation data and an anticipated rate cut from the European Central Bank later in the week...

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