US stocks closed with a loss Tuesday as investors saw a stronger-than- expected report on service-sector activity as giving further reason for the Federal Reserve to raise rates.
The S&P 500 lost ground for a third day in a row. Real estate, utilities, and health care made up for the decline. The major equity indexes have lost ground.
The Institute for Supply Management said its August index on service-sector activity rose to 56.9%. Econoday's estimate for activity that drives more than a third of US economic growth was 55.3%.
According to the Federal Reserve, the US economy is slowing but strong enough to keep inflation under control.
At the close of trading on Tuesday, the US indexes stood at this location.
According to a note published Tuesday, the combination of peak hawkishness from the Fed and the slow pace at which inflation is cooling could continue to weigh on stocks.
We could see potential upside for the stock market over the course of the next decade. Interest rate stability can be fostered by inflation relief. They said that Friday's jobs report set up some needed cooling of labor markets.
The US added 315,000 jobs in August, but was down from the 528,000 jobs added in July.
The company gave its shareholders more time to vote on a proposal to extend a deadline to merge with Donald Trump's social media company. The Truth Social networking app is run by the Truth Media & Technology group.
Krugman called for gradual interest rate hikes.
Saudi Arabia is raising oil prices for most US buyers.
The price of oil fell. The price of West Texas Intermediate crude fell to $86.64 a barrel. The international benchmark of oil fell.
The price of gold was $1711.40 per ounce. The 10-year Treasury yield went up.
The price of the digital currency fell to $18,848.12
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