New York– US stocks fell about 1 percent Tuesday, continuing a Wall Street sell-off, as investors prepared for another large interest-rate increase Wednesday from the U.S. Federal Reserve (Fed).
The Dow Jones industrial average fell 313.45, or 1 percent, to 30,706.23. Twenty-eight of the index’s 30 components were lower, led by Nike, which dropped 4.5 percent. Caterpillar, Home Depot, and Travelers each lost between 2.3 and 2 percent. Apple led gainers, climbing 1.6 percent.
The broader Standard & Poor’s 500 index fell 43.96, or 1.1 percent, to 3,855.93. Ford shares plunged 12.4 percent after the automaker announced that supply-chain issues would cost an extra $1 billion in the third quarter.
The technology-heavy Nasdaq composite index fell 109.97, or 1 percent, to 11,425.05. Amazon lost 2 percent, Google-parent Alphabet dropped 1.9 percent to a new 52-week low, Facebook-parent Meta was 1.3 percent lower, Netflix was down 0.3 percent, and Tesla declined 0.1 percent.
Source: Saudi Press Agency