The most recent data on home sales and consumer confidence on Tuesday fueled worries about the status of the American economy, which led to a decline in the Dow Jones Industrial Average.
It was the lowest day for the Dow since March as it dropped 388.00 points, or 1.14%, to 33,618.88. The 200-day moving average of the 30-stock index was below for the first time since May.
The S&P 500 dropped 1.47 percent to 4,273.53, falling below 4,300 for the first time since June 9. The Nasdaq Composite dropped to 13,063.61 as the Nasdaq Composite fell 1.57%.
The Federal Trade Commission launched an antitrust complaint against Amazon, alleging that the online retailer artificially raises prices and harms competitors. This caused Amazon shares to decline by 4%, the largest among mega-cap tech stocks.
New home sales in August fell short of projections. According to the Commerce Department, the number of houses under contract for the month was 675,000, a decrease of 8.7% from July. 695,000 was the figure predicted by economists surveyed by Dow Jones, a 2.7% decrease from unrevised July totals.
Source (CNBC)
