In the stock market, losses for healthcare companies helped to offset gains for energy producers driven by stronger oil prices. He’ll be speaking at an annual symposium held by the Fed in Jackson Hole, Wyo., which has been the site of major market-moving speeches in the past. Powell, the chair of the Federal Reserve. The next big event circled on Wall Street’s calendar is a speech Friday by Jerome H. Worries about a slowing economy stretch around the world, and the value of one euro dropped below $1 amid concerns about Europe in particular. economy raise worries that a recession may indeed be on the way, but they also could encourage the Fed to go easier on rate hikes. The yield on the 10-year Treasury has climbed back above 3%, for example, after starting the month close to 2.60%. Recent comments from some Fed officials have cooled hopes the Fed may end up less forceful than feared. Volatility has returned to Wall Street after what had been a strong summer as worries rise about how aggressively the Federal Reserve will raise interest rates to knock down high inflation. Stocks of smaller companies held up better than the rest of the market, and the Russell 2000 index ticked up 0.2%.
The Dow Jones industrial average fell 154.02 points, or 0.5%, to 32,909.59, and the Nasdaq composite slipped 0.27 of a point, or less than 0.1%, to 12381.30. The edge lower follows Monday’s sharp 2.1% drop, which came on the heels of the first losing week for the index in the last five.
The Standard & Poor’s 500 index slid 9.26 points, or 0.2%, to 4,128.73 after flipping between small gains and losses through the day. Stocks drifted to modest losses in a quiet Tuesday on Wall Street, as steadying Treasury yields helped calm the market after its worst tumble in months.