After a strong start to August, all three indexes are now in the red for the month
What started out as a promising session on Wall Street ended with a third-straight day of losses for all three major indexes. The Dow shed 308 points, while the Nasdaq and S&P 500 settled in the red as well, as the latter breached the 4,000 level. Interest rate hike fears returned full-force after New York Fed President John Williams today reinforced the need for restrictive policy to slow demand, echoing the hawkish sentiment officials voiced in Europe.
In other news, home prices cooled off in June, but remain 18% higher year-over-year, per S&P Case-Shiller data. Investors were also unpacking jobs openings data for July, which revealed available job positions totaled a much higher-than-expected 11.24 million.
Continue reading for more on today's market, including:
- How Best Buy stock bucked the broader market.
- These 25 stocks tend to outperform in September.
- Plus, options traders blast Chinese tech stock; unpacking BIG's strong earnings; and Twitter drama drags on.
The Dow Jones Average (DJI - 31,790.87) dropped 308.1 points, or 1% for the day. American Express (AXP) led the gainers, adding a slim 0.08%. Dow (DOW) paced the laggards with a 2.8% drop.
The S&P 500 Index (SPX - 3,986.16) shed 44.5 points, or 1.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,883.14) lost 134.5 points, or 1.1% for the session.
Lastly, the Cboe Volatility Index (VIX - 26.21) was flat.
5 Things to Know Today
- Congress is looking to crack down on $1 billion of crypto fraud, calling on digital exchanges like Coinbase (COIN) for information on how they are fighting it. (CNBC)
- Young, middle-class Americans are turning to dollar stores amid high inflation, as analysts note they are facing similar pain to lower-income earners. (MarketWatch)
- Options traders blasted Chinese tech stock after earnings.
- Big Lots stock enjoyed a pop thanks to strong quarterly results.
- Twitter drama drags on as second deal termination notice hits.
Energy Demand Fears Slam Oil Prices
Oil prices tumbled on Tuesday, as festering economic fears sparked energy demand concerns, while traders also weighed the prospect of production output cuts. October-dated crude shed $5.37, or 5.5%, to close at $91.64 per barrel.
Gold prices also moved sharply lower to register their worst close since late July, and third-straight day in the red. December-dated gold dropped $13.40, or 0.8% to close at $1,736.30 an ounce.