Stock market today: US stocks set to snap 5-month win streak with Fed, Amazon in focus

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US stocks saw losses escalate in later afternoon trading lower on Tuesday as new labor data came in hotter than expected while investors await the Federal Reserve's upcoming interest rate decision, along with earnings from Amazon (AMZN).
The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each slipped roughly 0.8% and 1%, respectively, after closing with small gains. The Dow Jones Industrial Average (^DJI) about fell about 0.9% while the yield on the 10-year Treasury (^TNX) jumped about 5 basis points to trade near 4.67%.
According to new data released by the Bureau of Labor Statistics early Tuesday, the employment cost index, which measures compensation and benefits, increased 1.2% from December to March - the highest increase in a year - after rising 0.9% at the end of 2023.
Wages and salaries increased by 1.1% over that same three-month period, while benefit costs also increased by 1.1%. The data adds to ongoing concerns that persistently high wages are keeping inflation levels elevated.
Stocks are on track to post their worst month of 2024, as a brutal mid-April stretch means the major indexes are set to end the month with losses. But investors are looking to continue making headway on a rebound that has pervaded over the last week.
Investors are bracing for policymakers to hold interest rates at historically elevated levels at the Fed's two-day meeting, set to start on Tuesday.
Amazon's results after the bell will also be closely watched after Microsoft (MSFT) and Alphabet's (GOOG, GOOGL) stellar earnings lifted hopes for a "Magnificent Seven" boost this season. So far, Big Tech results have both impressed Wall Street and revealed its impatience with heavy AI spending.
Highlights on the early earnings docket are Coca-Cola (KO) and McDonald's (MCD), with AMD (AMD) and Starbucks (SBUX) also coming after the markets close.
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