Stocks fell sharply after disappointing data on inflation made investors confront the bitter possibility that interest rates will stay high for months longer than they were hoping.
The S&P 500 fell 1.4% Tuesday after clawing back part of a larger intraday loss. The worse-than-expected inflation report may have put the final nail into hopes that the Federal Reserve could deliver its first interest rate cut in March. It also pushed many forecasts past May into June.
The Dow fell 1.4% and the Nasdaq composite tumbled 1.8%. The smallest stocks took some of the biggest losses as Treasury yields surged in the bond market.
On Tuesday:
The S&P 500 fell 68.67 points, or 1.4%, to 4,953.17.
The Dow Jones Industrial Average fell 524.63 points, or 1.4%, to 38,272.75.
The Nasdaq composite fell 286.95 points, or 1.8%, to 15,655.60.
The Russell 2000 index of smaller companies fell 81.08 points, or 4%, to 1,964.17.
For the week:
The S&P 500 is down 73.44 points, or 1.5%.
The Dow is down 398.94 points, or 1%.
The Nasdaq is down 335.06 points, or 2.1%.
The Russell 2000 is down 45.82 points, or 2.3%.
For the year:
The S&P 500 is up 183.34 points, or 3.8%.
The Dow is up 583.21 points, or 1.5%.
The Nasdaq is up 644.25 points, or 4.3%.
The Russell 2000 is down 62.90 points, or 3.1%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Growth stocks offer a lot of bang for your buck, and we've got the next upcoming superstars to strongly consider for your portfolio.
Get This Free Report
