At the close of trading, the Dow Jones Industrial Average fell 280.44 points (0.88%) to 31,510.43. The S&P500 index fell 31.16 points (0.78%) to 3,955. The tech-heavy Nasdaq Composite Index fell 66.93 points, or 0.56%, to 11,816.20. For the month, the Dow is down 4.06% of him, the S&P 500 is down 4.24% of him and the Nasdaq is down 4.64% of him.
Stocks fell on the prospect of higher interest rates after a hawkish remark by a Federal Reserve official.
Cleveland Federal Reserve Governor Loretta Mester said Wednesday she expects the Fed to raise interest rates above 4% by early next year. did not expect the central bank to keep interest rates high to combat inflation, he said.
New York Fed President John Williams said interest rates need to stay in the restrictive zone for some time, adding that this could continue until 2023.
Tech stocks fell on weak forecasts from Seagate and HP Inc.
Seagate has cut its first-quarter earnings guidance, citing macroeconomic concerns that have forced cloud companies and PC makers to reduce inventory levels. In addition, HP Inc expects to lower its quarterly and full-year earnings due to slowing PC sales.
Airline stocks plunge. Stocks in the gold metal sector fell as precious metal prices plunged to their lowest level in more than a month, with gold falling $10.10 an ounce to $1,726.20 in December. Steel, computer hardware and chemical stocks were also under pressure and fell along with most other major sectors.
Economic news: Payroll processor ADP released a report showing US private sector jobs added 132,000 jobs in August after nearly 270,000 added in July.
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(This article is not edited by Business Standard staff and is auto-generated from a syndicated feed.)
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