Stocks fell on Tuesday as Wall Street looked for stability after another day of declines for stocks.
The Dow Jones Industrial Average traded down 140 points, or 0.5%. The S&P 500 fell 0.6%, and the Nasdaq Composite lost 0.5%.
The moves come as energy prices eased. West Texas Intermediate futures, the US oil benchmark, fell more than 4.3%. Natural gas futures also fell.
Wall Street is coming off a second straight decline, with the Dow losing 184 points on Monday. The S&P 500 fell 0.67% and the Nasdaq Composite sank 1.02%.
The market has given back some of its summer gains after recent comments from Federal Reserve officials made it clear that the central bank intends to continue its rate hikes, even if they cause economic pain.
“Investors are coming to terms with the idea that the Fed is serious about reining in inflation, even though recent data suggests inflation is starting to fall,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally was temporary and continue to recommend that investors remain selective and focus on defensive equity sectors such as health care and dividend-paying stocks,” von Lipsey added.
