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Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index, which is the Federal Reserve’s preferred measure of inflation, is set to be released later in the day.

The benchmark S&P 500 index remained stagnant, as did the Dow Jones Industrial Average, thereby sitting marginally lower than their all-time high figures reached in the last week. The tech-heavy Nasdaq Composite index rose by 0.2%.

Stocks have largely lost momentum due to investors awaiting the incoming economic data as a means of understanding the health of the US economy. The PCE Index is also expected to provide an indication of when the Federal Reserve may decide to introduce interest rate cuts.

In the midst of a silent trading session, Bitcoin appeared to make the most noise, with the cryptocurrency rising to its highest level in two years, surpassing $57,000 per token. This saw a rise in the stocks of crypto exchanges such as Coinbase.

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