The selling forces of September began to affect Wall Street on Tuesday, reversing the gains from the previous session, which caused stock futures to decline.
130 points, or 0.4%, were lost by futures linked to the Dow Jones Industrial Average. Both Nasdaq-100 and S&P 500 futures experienced a 0.5% decline.
The market would suffer further losses as a result of those actions. The S&P 500 had lost 3.8%, the Dow had lost 2.1%, and the Nasdaq Composite had down 5.4% as of the start of trading on Tuesday. The Federal Reserve’s admonition that it expects to make fewer rate cuts in 2019 is one of the factors driving stocks lower this month. The 10-year Treasury yield, the industry standard, rose to levels not seen since 2007 as a result of the news.
Investors are juggling negotiations in Washington this week as legislators attempt to avoid a government shutdown that could occur as early as October 1 if Congress is unable to reach a spending agreement.
Source (CNBC)
