The benchmark S&P 500 fell 0.7%, while the Dow Jones Industrial Average fell by the same margin, or about 230 points. The tech-heavy Nasdaq Composite led losses, falling more than 1 percent. The moves come after three consecutive weeks of losses for the major averages. “The market will enter the first full week of September looking to break a three-week losing streak as investors continued to digest the Fed’s ‘we won’t be swayed’ message to fight inflation,” Chris Larkin, managing director of trading of Morgan Stanley. E*TRADE said in a note on Tuesday. “Bulls hoping for a rebound will do so during a shortened Labor Day week that has historically paralleled September and the history of underperformance: losses have been slightly less frequent over the past three decades, but volatility has been higher ». Bonds rose as investors await the Federal Reserve’s next policy move later this month. The benchmark 10-year note climbed to 3.269%, while the 2-year rose to a yield of 3.449%. Oil prices eased after a temporary rally following OPEC+’s first supply cut in more than a year as the group works to manage global crude markets. West Texas Intermediate crude was down 0.5% at $86.44 a barrel, while Brent futures were down 0.2% at $92.81. In the cryptocurrency markets, Bitcoin (BTC-USD) once again slipped below the $20,000 level. Shares of Bed Bath & Beyond ( BBBY ) fell 18% in early trading Tuesday morning. Last week, the home goods retailer announced in a strategy briefing that it would lay off staff and close around 150 stores as part of a turnaround effort for its struggling business. Reports surfaced this weekend that the company’s chief financial officer, Gustavo Arnal, took his own life Friday afternoon after falling from a skyscraper in New York’s Tribeca district known as the “Jenga” tower. Before his death, Arnal was the subject of a $1.2 billion shareholder lawsuit alleging involvement in a “pump and dump” scheme. The story continues A shopping cart is displayed at a Bed Bath & Beyond store in Manhattan, New York, U.S., June 29, 2022. REUTERS/Andrew Kelly “The company is in the early stages of evaluating the complaint, but based on current knowledge, the company believes the allegations are without merit,” a Bed Bath & Beyond spokesperson told Yahoo Finance. Shares of Digital World Acquisition ( DWAC ) fell more than 17% after the special-purpose buyout firm set to merge with former President Donald Trump’s social media platform failed to garner enough shareholder support to extend a deadline for completion of the agreement. Tuesday’s moves come after the Labor Department released its latest monthly jobs report for August on Friday. The US economy added 315,000 jobs last week as the unemployment rate rose to 3.7%, according to government data. “A modest slowdown in employment growth in August may be welcome by the Fed, but it will not prevent further significant rate hikes in the coming months,” Oxford Economics’ Nancy Vanden Houten and Kathy Bostjancic said in a note on Friday. “Fed Chairman Powell made it clear last week that the FOMC plans to push interest rates well into containment territory to reduce inflation and prevent inflation expectations from unwinding.” Bank of America strategists led by Michael Hartnett warned on Friday of a “rapid inflation shock” and a “slow recession shock”, with investors expecting continued monetary tightening by the US Federal Reserve. — Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc Click here for the latest Yahoo Finance platform stock trends Click here for the latest stock market news and in-depth analysis, including the events that move stocks Read the latest financial and business news from Yahoo Finance Download the Yahoo Finance app for Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn and YouTube
