Dow falls 300 points as sales strengthen, S&P 500 falls to lowest since June: Live updates

The S&P 500 fell to its lowest level in months on Tuesday after the latest reports on home sales and consumer confidence raised concerns regarding the situation in the US economy.

The broader index fell 1.2% below 4,300 for the first time since June 9. The Dow Jones Industrial Average lost 311 points, or 0.9%, while the Nasdaq Composite lost 1.3%.

August’s new home sales disappointed, failing to meet initial projections. The number of apartments under contract for the month was 675,000, a decrease of 8 units. According to the Department of Commerce, 7% since July.

Economists polled by Dow Jones had expected the total to rise to 695,000, a 2.7% increase from July’s unadjusted data.

The Conference Board consumer confidence index fell to 103 in September from 108.7 in August. According to the Dow Jones consensus, economists had expected a value of 105.5. The expectations index fell to 73.7, below the level that observers associate with a recession.

JPMorgan Chase CEO Jamie Dimon warned that interest rates may need to rise further to bring inflation back under control, adding to pessimistic sentiment on Tuesday. Bank stocks fell, with the SPDR S&P Regional Banking ETF falling 0.7%. Shares of Wells Fargo fell more than 1% and shares of Morgan Stanley fell nearly 1%.

These moves would compound the market’s losses this month. The Nasdaq Composite fell more than 6% in September, while the S&P 500 and Dow lost more than 4% and 2%, respectively. One factor that has pushed stocks lower this month is the Federal Reserve’s warning to expect fewer interest rate cuts next year. The news pushed benchmark 10-year Treasury yields to levels not seen since 2007: $

“According to CFRA Research’s chief investment strategist, Sam Stovall, remarked, investors are also in the middle of negotiations in Washington this week, as lawmakers hope to avoid a government shutdown that could come as early as October.1 if Congress does not accept the spending bill.

However, the upcoming seasonal market turmoil could present an opportunity for investors. Although October is known as the “Month of Swearing” due to the crashes of 1929 and 1 it also has a reputation for “killing bears,” according to the Stock Trader’s Almanac.s

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