Stocks tumbled on Tuesday as the sell-off on Wall Street mounted and investors braced for another large rate hike due out Wednesday from the Federal Reserve.
The Dow Jones Industrial Average shed 313.45 points, or 1.01%, to settle at 30,706.23. The S&P 500 slid 1.13% to 3,855.93 and the Nasdaq Composite slumped 0.95% to 11,425.05.
The Federal Open Markets Committee began its two-day policy meeting on Tuesday, where central bankers are expected to announce a 0.75 percentage point rate hike on Wednesday. Stocks have slumped in recent weeks as comments from Fed Chair Jerome Powell and an unexpectedly hot August consumer price index report caused traders to prepare for even higher rates until inflation cools.equities fell, with the yield on the 2-year Treasury note notching a fresh high dating back to late 2007.
The move higher in the 10-year is likely contributing to the turmoil in equity markets on Tuesday, said Cresset Capital’s Jack Ablin. “Investors have pretty well digested the 75 basis point hike tomorrow but perhaps there’s some concern that the rhetoric at the press conference could be
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