Wall St slips in choppy trading ahead of inflation data; Dow falls 179 points
Live MintWall Street's main indexes fell in volatile trading on Tuesday dragged down by banks and some megacap growth stocks as investors fretted over prospects of aggressive monetary tightening and slowing economic growth. Cleveland Fed President Loretta Mester said the U.S. economy will experience turbulence from the Federal Reserve's efforts to bring down inflation running at more than three times above its goal and recent volatility in the stock market would not deter policymakers. The S&P 500 index and the Nasdaq have dropped over 16% and 25%, respectively, this year due to the Ukraine conflict, China's COVID-19 lockdowns roiling global supply chains and rising bond yields as traders adjust to higher U.S. interest rates. "The uncertainty around the Fed and the geopolitical situation leads me to believe that people are going to end up being a little bit more cautious," said Robert Gilliland, managing director at Concenture Wealth Management.