Home Latest News Stock market news live updates: Stocks extend losses after three-week selloff –...

Stock market news live updates: Stocks extend losses after three-week selloff – Yahoo Finance

U.S. stocks sank lower in a choppy post-Labor Day session Tuesday as traders remained on edge ahead of the Federal Reserve’s next policy move later this month.
The benchmark S&P 500 fell 0.4%, while the Dow Jones Industrial Average declined by 0.5%, or about 170 points. The tech-heavy Nasdaq Composite led the declines, tumbling 0.7%. The moves come after three straight weeks of losses for the major averages.
Losses across equities resumed following the release of fresh data that showed U.S. services activity gained momentum in August, a sign to investors that Fed officials may proceed with a heftier rate increase of 75 basis points September 21.
The Institute for Supply Management reported its non-manufacturing PMI rose to a reading of 56.9 last month from 56.7 in July, the second straight monthly increase ofter a three-month decline.
Immediately following the results, the CME FedWatch Tool reflected a new high in probability — a 74% chance — that the Federal Reserve will raise interest rates by another 0.75%.
Treasury yields nudged higher as investors await the central bank’s next move. The benchmark 10-year note climbed to 3.338%, while the 2-year Treasury note rose to yield 3.499%, its highest level since 2007.
In commodity markets, oil prices edged lower after a temporary rally on the heels of the first supply cut by OPEC+ in more than a year as the group works to manage global crude markets. West Texas Intermediate crude oil fell to $86.77 per barrel while Brent futures ticked down to $92.65 per barrel.
And on the cryptocurrency front, Bitcoin (BTC-USD) again slipped below the $20,000 level.
Shares of Bed Bath & Beyond (BBBY) plunged 18.4% on Tuesday. Last week, the home-goods retailer announced in a strategic update that it would lay off staff and shutter approximately 150 stores as part of a turnaround effort for its struggling business.
Reports surfaced this weekend that the company’s chief financial officer Gustavo Arnal died by suicide Friday afternoon after falling from a skyscraper in New York’s Tribeca area known as the “Jenga” tower. Prior to his death, Arnal was named in a $1.2 billion shareholder lawsuit alleging involvement in a “pump and dump” scheme.
“The company is in the early stages of evaluating the complaint but based on current knowledge the company believes the claims are without merit,” a spokesperson for Bed Bath & Beyond told Yahoo Finance.
Digital World Acquisition (DWAC) shares nosedived more than 11% after the special purpose acquisition company that was set to merge with former President Donald Trump’s social media platform failed to garner enough shareholder support to extend the deadline to complete the deal.
The moves come after the Labor Department released its latest monthly jobs report for August on Friday. The U.S. economy added 315,000 jobs last as the unemployment rate rose to 3.7%, according to government data.
“The modest slowdown in employment growth in August may be welcome by the Fed, but it won’t prevent further sizable rate hikes in the months ahead,” Nancy Vanden Houten and Kathy Bostjancic of Oxford Economics said in a note Friday. “Fed Chair Powell made clear last week that the FOMC plans to push rates well into restrictive territory to bring down inflation and prevent an unmooring of inflation expectations.”
Bank of America strategists led by Michael Hartnett warned on Friday of a “fast inflation shock” and “slow recession shock,” with investors anticipating continued monetary tightening by the Federal Reserve.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Related Quotes
Yahoo Finance Live host Seana Smith examines the losses seen across market indices and sectors ahead of the closing bell.
U.S. stocks struggled for direction at the start of trading Wednesday as a sell-off across equity markets barreled into a fourth straight week.
The Tarantula Nebula's bright young stars glow blue in the telescope's images.
In the latest trading session, Morgan Stanley (MS) closed at $85.13, marking a -1.47% move from the previous day.
Stock benchmarks posted gains and the dollar rose as investors considered risks to the global economy.
It capped Storm stalwart Sue Bird’s career, as the legend announced this would be her final season. The crowd gave her an emotional send-off.
Sony has unveiled an unusual mirrorless camera that essentially marries the FX6 cinema camera's tech with remote-controlled robotics.
Britain to launch military satellites as China and Russia test hypersonic missiles Truss fracking ambitions fuel opposition FTSE 100 falls 0.7pc; Pound tumbles to 37-year low Ben Marlow: The cash crisis at British Gas owner shows our energy market is utterly broken Sign up here for our daily business briefing newsletter
Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), reports a corporate update following the announcement on September 6, 2022, regarding the filing of a notice of intention to seek creditor protection (the "NOI").
Cathie Wood is finding it hard to catch 2020 in a bottle again. The growth investor who became a market icon as the co-founder and CEO of the popular Ark Invest exchange-traded funds (ETFs) has been losing more than winning these days.
In this article, we discuss the 10 best cheap stocks to buy right now. If you want to skip our detailed analysis of these stocks, go directly to the 5 Best Cheap Stocks to Buy Right Now. With rising interest rates and fears of recession, the stock market has been volatile in 2022. Additionally, the […]
Is this the ultimate safe haven?
Yahoo Finance Live anchors discuss the challenges ahead for chip stocks amid market volatility.
Shares of AMC Entertainment (NYSE: AMC) are falling 5.3% at 11:02 a.m. ET on Tuesday as the meme stock rally over the past month or so continues to fizzle out. Ever since AMC's preferred stock unit, AMC Preferred Equity (NYSE: APE), began trading on the market, the common shares have lost more than a quarter of their value. Confidence in the movie theater operator is waning because it's clear more dilution is coming.
Unfortunately for some shareholders, the Star Bulk Carriers Corp. ( NASDAQ:SBLK ) share price has dived 25% in the last…
Among these are Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT). The price appreciation of these stocks, even with this-year's downturn, illustrates why Apple and Microsoft are excellent investments. One reason to invest in Apple is its impressive sales growth.
Yahoo finance Live anchors discuss Apple stock performance ahead of the iPhone 14 unveiling.
Vladimir Putin, having assembled thousands of soldiers on Ukraine’s eastern borders, gave the order for them to advance west, triggering the most destructive European landwar of this century. On the same day, February 22, in Lower Saxony triumphant Volkswagen executives announced a float of Porsche on the Frankfurt stock market, to a world that no longer cared about the fate of a sports car brand.
Right now, there are at least two ultra-high-yield dividend stocks that could double your principal by the end of 2028. AGNC Investment (NASDAQ: AGNC) and Annaly Capital Management (NYSE: NLY) currently offer investors dividend yields of 12.2% and 13.8%, respectively. Are these stocks worth the risk?
Yahoo Finance anchors discuss an analyst rating on Tesla stock.


Previous articleGoogle releases Android 13 with improved privacy and security features – Help Net Security
Next articleUS Streaming Video Market Tops $29 Billion, But Plenty Of Challenges Remain – Forbes
She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.