Getty ImagesKey FactsThe Dow Jones Industrial Average fell 380 points, or 1.2%, to 30,640 by 10:30 a.m. EDT, while the S&P 500 and tech-heavy Nasdaq shed 1.2% and 0.9%, respectively. Reflecting expectations for bigger interest rate hikes, yields on the ten-year Treasury hit 3.593% on Tuesday, hitting the highest level in 11 years for a second day straight. Crucial Quote“The biggest and growing downside risk for the market is increasing recession risk as the Fed aggressively tightens into a slowing economy,” says Lerner. What To Watch ForThe Fed will announce its next interest-rate hike at the conclusion of its two-day policy meeting, Wednesday at 2 p.m. EDT. “The Fed has more work to do,” Bank of America’s Savita Subramanian wrote in a recent note.

Source: Forbes September 21, 2022 03:37 UTC