Wall Street tumbled to its biggest drop since December as concerns deepen about the impact of rising interest rates.
Home Depot fell to one of the market’s sharper losses Tuesday after it gave a financial forecast that fell short of Wall Street’s expectations.
Treasury yields kept climbing on worries that the Federal Reserve will need to stay aggressive on keeping rates high to fight inflation. Higher rates slow the economy, and the concern is they could cause a recession.
On Tuesday:
The S&P 500 fell 81.75 points, or 2%, to 3,997.34.
The Dow Jones Industrial Average fell 697.10 points, or 2.1%, to 33,129.59.
The Nasdaq composite fell 294.97 points, or 2.5%, to 11,492.30.
The Russell 2000 index of smaller companies fell 58.14 points, or 3%, to 1,888.21.
For the year:
The S&P 500 is up 157.84 points, or 4.1%.
The Dow is down 17.66 points, or 0.1%.
The Nasdaq is up 1,025.82 points, or 9.8%.
The Russell 2000 is up 126.97 points, or 7.2%.
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