US stocks tumble as earnings add to worries about the economy ahead of more Fed rate hikes

US stocks closed lower Tuesday, extending losses from earlier in the session, as earnings news raised more fears about the economy ahead of another Fed rate hike.

Walmart, the world's largest retailer, trimmed its profit projections late Monday due to high inflation.

Wall Street is expecting another 75-basis-point rate hike by the Fed when it ends its meeting on Wednesday.

The US indexes stood at 4:30 pm on Tuesday.

According to a Morgan Stanley wealth-management executive, the recent market upswing is just a bear-market rally and that significant dips may still lie ahead.

The Fed's preferred recession indicator is signaling turmoil as the bond market's three-month bill premium has fallen 95 basis points.

The US has been the top exporter of liquified natural gas so far this year and has increased outbound flows by 12%.

West Texas Intermediate crude fell 1.6% to $95.27 a barrel. The international benchmark for crude oil fell.

The price of gold was at $1716 an ounce. The 10-year yield went up.

The price of the digital currency fell to $20,859.