Stock losses deepen amid Fed fallout, shutdown worries: Stock Market Today | September 26. 2023
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The stock market's September swoon continued Tuesday as Wall Street remained focused on the increased likelihood that the Federal Reserve won't cut interest rates anytime soon.
The S&P 500 (^GSPC) pulled back 1.5%, while the Dow Jones Industrial Average (^DJI) dropped nearly 400 points, or 1.2%. The tech-heavy Nasdaq Composite (^IXIC) was down 1.6%. While the three major stock gauges started the week with wins, they are on track for a losing month.
Fed policymaker Neel Kashkari said that given the surprising resilience of the US economy, the central bank will probably need to hike rates again and keep them high to cool inflation — echoing recent comments from other officials.
The prospect of "higher for longer" interest rates has put pressure on markets. The 10-year Treasury yield (^TNX) was hovering near its highest levels since 2007, which helped push the dollar to a new 10-month peak. At the market close, the 10-year Treasury yield hovered around 4.55%.
Fresh data out Tuesday showed a drop in consumer confidence in September and a rise in US home prices to a record in July.
With recession worries still in play, JPMorgan CEO Jamie Dimon warned markets may not be prepared for a worst-case scenario where the Fed lifts rates to 7% alongside stagflation.
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