A sharp drop for Wall Street capped a day of declines worldwide after discouraging data on China raised worries about the global economy.
In the U.S., the economy has remained more resilient than expected despite higher interest rates. A report on Tuesday showed growth for sales at U.S. retailers accelerated by more in July than economists expected.
The Fed has already hiked its key interest rate to the highest level in more than two decades. High rates work by bluntly dragging on the entire economy and hurting prices for investments. The declines meant stocks of energy producers were among the biggest losers in the S&P 500. Exxon Mobil’s 2.6% drop was one of the heavier weights on the index.
The largest loss came from Discover Financial Services. It dropped 9.4% after it said its CEO is stepping down, effective immediately. All told, the S&P 500 fell 51.86 points to 4,437.86. The Dow dropped 361.24 to 34,946.39, and the Nasdaq sank 157.28 to 13,631.05.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. stock futures volatile as Wall Street strives to break 2-week losing streakU.S. equity futures are a touch firmer, having bounced off session lows, but the cautious mood of late is seeping into the new week, with sentiment not...
Read more »
Eagles stock up/stock down report: Eli Ricks shines, Jalen Carter flashes, and moreSure, fans want to see the starters play, but the preseason games matter most for the players trying hard to move up to that coveted designation.
Read more »
1 Stock to Buy, 1 Stock to Sell This Week: Walmart, Target | Investing.comStocks Analysis by Investing.com (Jesse Cohen) covering: Walmart Inc, Target Corporation, Wal Mart Stores Inc, Target MU. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »
AMC Theatres Stock Falls After Judge Approves APE-to-Stock Conversion PlanOn Monday, in the wake of the court ruling, common shares in AMC predictably began to converge with the lower-cost APE shares.
Read more »
Eagles stock up, stock down after preseason game vs. RavensWhich [Philadelphia Eagles] impressed you in the preseason opener? 🦅 Which players disappointed. NBCSPhilly flyeaglesfly
Read more »
U.S. Ambassador Meets With Detained Wall Street Journal ReporterThe U.S. ambassador to Russia was granted access to jailed Wall Street Journal reporter Evan Gershkovich on Monday in the third such visit since his detention in March
Read more »