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Stocks tumbled Tuesday, building on the previous session’s losses as fears of even higher rates stoked fears of a recession.
The Dow Jones Industrials stumbled 210.82 points to 33,736.28.
The S&P 500 subtracted 39.66 points to 3,959.18, falling for a fourth straight day.
The NASDAQ dropped 149.88 points, or 1.3%, to 11,090.06.
Technology stocks tumbled on fears of slowing growth, with Netflix, Amazon and Alphabet falling about 2% each. Meta platforms fell more than 6% following a slew of news reports.
Better-than-expected November ISM Services data, which looks at the purchasing level of manufacturers as a gauge the health of the broader economy, pressured equities Monday. The report further fueled fears that the Federal Reserve will need to hike rates for longer than anticipated to bring down inflation.
Markets are largely expecting a 50-basis-point rate hike at the Fed’s December meeting, but remain conflicted over how long the central bank’s interest rate hiking campaign will need to last.
Prices for the 10-year Treasury gained slightly, lowering yields to 3.56% from Monday’s 3.59%. Treasury prices and yields move in opposite directions.
Oil prices skidded $2.10 to $74.83 U.S. a barrel.
Gold prices recovered $5.40 to $1,786.70 U.S. an ounce.
