The stock market lost steam near record highs as traders braced for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates.
Wall Street is also keeping a close eye on how the market will manage to absorb heavy Treasury and corporate sales amid month-end positioning. US yields rose after Monday’s auctions of two-year and five-year government notes. Meantime, blue-chip companies in the US have sold a record $172 billion of bonds in February as they race to seize on investor demand amid a drop in borrowing costs.