This post was originally published on this site
The Dow Jones Industrial Average dipped by 0.3%, shedding 106.57 points to settle at 34,517.73 points. The S&P 500 fell closely behind with a drop of 0.2% or 9.58 points, ending the day at 4,443.95 points. The Nasdaq also experienced a decline of 0.2% or 32.05 points, closing at 13,678.19 points.
Consumer discretionary and utility stocks were the worst-performing sectors within the S&P 500. Both the Consumer Discretionary Select Sector SPDR (XLY) and the Utilities Select Sector SPDR (XLU) reported a drop of 0.5%. Overall, ten out of the eleven sectors in the benchmark index reported losses.
The CBOE Volatility Index (VIX), often referred to as a “fear gauge,” increased by 0.79% to reach 14.11 on Tuesday. Trading volume for the day amounted to a total of 9.60 billion shares changing hands, below the last 20-session average of 10.05 billion shares.
Stocks seeing losses outnumbered those with gains on both the NYSE and Nasdaq, with ratios of 1.67-to-1 and 1.47-to-1 respectively.
Investors are currently waiting in anticipation for the Federal Reserve’s interest rate decision following their September meeting which started on Tuesday and is set to conclude today, Wednesday.
While there is hope that rates will remain unchanged this month, concerns are mounting about the central bank’s future strategy and accompanying economic forecasts. Market players expect the Federal Reserve to adopt a hawkish stance in response to rising inflationary pressures.
Inflation has become an increasing concern recently, with the 10-year Treasury yield reaching its highest level since 2007. The surge in oil and gas prices has further fueled these worries, as it can significantly influence consumer inflation expectations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
