"Daily Stock Market Insights: 5 Things to Know Before Opening Bell"

The S&P 500 and Nasdaq Composite ended their longest win streaks in two years, with the S&P 500 falling 0.8% and the Nasdaq Composite declining 0.9%. Federal Reserve Chairman Jerome Powell expressed uncertainty about whether the central bank has done enough to cool inflation. The IRS announced that income tax brackets and standard deductions will be adjusted higher for 2024 to reflect persistent inflation. Senator Joe Manchin's decision not to run for reelection in 2024 opens the possibility for the GOP to claim a majority in the Senate. Gen Alpha, the youngest generation of consumers, is showing interest in skincare, driven in part by social media exposure and the influence of "skinfluencers."