Benchmark indexes plunged in a vicious sell-off after investors feared that the Federal Reserve may have to accelerate and enlarge the current rate hike regime.
Consumer prices rose at a slower pace in August but remained elevated driven by rising cost of food and shelter. Treasury yields surged and the stock sell-off deepened on the worries that high prices are rapidly spreading in the broader economy.
Stocks rebounded after trading down for weeks and investors factor higher rates and slower economic growth as a new backdrop for the business environment.
Investors remain skeptical of the Fed's ability in bringing down sky-high inflation, despite forceful reminders from the Fed Chair Powell. The U.S. economy is likely to be saddled with low growth for a decade ahead.
Stocks turned lower after hawkish comments from the Fed Chair Powell. Investors are still skeptical despite the Fed's persistent reiteration of its commitment in fighting high inflation.
The Nasdaq Composite index halted a 7-day slide and tech stocks rebounded after crude oil plunged. Oil prices plunged 6% and extended 10-day slide to 16% from its recent peak on Aug 29.
United bumped up its third quarter revenues outlook on higher summer travel demand. Twitter trial is set to proceed after a Delaware judge disallowed Musk's request to postpone.
