Stocks End at Lowest Level in a Month; Oil Sinks: Markets Wrap
- Investors still absorbing a stern Fed monetary-policy outlook
- Fresh data from Tuesday strengthens the central bank’s resolve
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US stocks fell for the third consecutive day as fresh data pointed to resilience in household and labor demand, affirming the Federal Reserve’s resolve to continue to be aggressive in its fight against inflation. Commodities from oil to copper sank as the dollar rose.
The S&P 500 and the tech-heavy Nasdaq 100 finished the session at their lowest levels in a month. Treasuries ended Tuesday mixed after an unexpected rebound in August consumer confidence pushed swap rates toward pricing in another three-quarter percentage point hike for the Fed’s September meeting.