Andrew Burton is a photographer.
US stocks dropped Tuesday as investors prepared for what the Federal Reserve may say about monetary policy with inflation running hot and the Omicron coronaviruses strain picking up.
Concerns that the Fed could signal that a faster pace of interest rate hikes is needed to tame inflation sent the tech-laden index tumbling. The tech sector led the slide in the S&P 500, which fell further away from Friday's record-high finish.
The US indexes were at 4:00 p.m. on Tuesday.
The producer price inflation hit a record high of 9.6% in November from a year ago, as the Fed started its two-day policy meeting. Consumer price inflation shot up to a 39-year high of 6.8% last week.
The central bank policymakers will finish their meeting on Wednesday. The Fed Chair will give a speech after the 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846 888-666-1846
The market is worried that the Fed will tighten policy too much and inflation will go up. Kit Juckes wrote in a note Tuesday that nothing else was as worrying.
Concerns about the Omicron variant returned to the forefront. China reported its first case of the strain, and the UK's case rate was the highest since January. People will have to show their passes at nightclubs and other large venues.
The doge coin soared after Musk said that people will be able to purchase items with the meme coin.
The price of oil dropped. The price of West Texas Intermediate crude fell to $70.53 per barrel. The international benchmark lost 0.4% at $73.46.
The price of gold dropped to $1,773 per ounce. The yield went up 3 basis points.
The price of the digital currency rose by 5.3% to $47,120.
Business Insider has an original article.
