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The Dow Jones Industrial Average fell 0.3%, 106 points, Nasdaq fell 0.2%, and the S&P 500 fell 0.2%.
The 2-year and 10-year Treasury yields closed at their highest levels since 2006 and 2007, respectively, amid ongoing signs of economic growth and fresh inflationary fears following the recent spike in oil prices.
The recent climb in the oil prices comes just as the Federal Reserve kicked off its two-day meeting that is expected to culminate in unchanged rate decision on Wednesday.
But the updated summary of economic projections, which will accompany the decision is likely to “undergo “meaningful revisions,” Deutsche Bank said.
The projections are likely to show upgrades to “growth and the labor market and a downward revision to inflation, at least in 2023,” it added.
United Auto Workers union threatened to call on more of its union members to walkout at car making factories across Detriot’s big three automakers including Ford (NYSE:F), General Motors (NYSE:GM) and Stellantis (NYSE:STLA) if “significant progress” isn’t made toward a agreement by Friday at noon.
The targeted strikes at all three American auto companies, now entering the fifth day, got underway on Friday after the United Auto Workers rejected a labor deal tabled by automakers, calling it “inadequate.”
Amazon.com (NASDAQ:AMZN) detailed plans to Tuesday to hire 250,000 employees in the U.S. to meet demand ahead of the usual shopping spree into the holiday season.
Walt Disney Company (NYSE:DIS) said Tuesday that it plans to nearly double its investment in Disney Parks, Experiences and Products over a 10-year period to about $60B, nearly double the amount invested over the prior 10-year period.
Disney said it has more than 1,000 acres of land to potentially develop into theme park space.
Instacart soared on its stock market debut as investors rushed to buy shares of the online grocery delivery company.
Instacart ( Maplebear Inc.) (NASDAQ:CART) opened at $42 on the Nasdaq in afternoon trading, up more than 40% from its IPO price of $30 a share, but gave up some gains to end the day about 12% higher.
Energy stocks fell 0.7% as oil prices pared gains to settle lower, though remained above $90 a barrel and is expected to resume its advance amid a crude supply shortfall.
Halliburton (NYSE:HAL), Marathon Petroleum Corp (NYSE:MPC), and Valero Energy Corporation (NYSE:VLO) were among the biggest decliners on the day.
