Stocks fell on Tuesday as Wall Street looked for stability after another day of losses.
The Dow Jones industrial average traded down 305 points, or 0.9%. The S&P 500 fell 1.1%, and the Nasdaq Composite lost 1.3%.
The decline came after European Central Bank policymaker and Estonian central bank governor Matis Müller said in September that the central bank should discuss a 75-basis-point rate hike given exceptionally high inflation.
Energy prices were reduced On Tuesday, the U.S. oil benchmark fell more than 4.3%, with West Texas Intermediate futures. Natural gas futures also fell.
Wall Street suffered its second straight decline as the Dow lost 184 points on Monday. The S&P 500 fell 0.67% and the Nasdaq Composite fell 1.02%.
The market has given some of that back Summer profits After recent comments from Federal Reserve officials, the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming away with the impression that the Fed is serious about controlling inflation, even as recent data suggests that inflation is starting to ease,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally is short-lived and continue to recommend that investors remain selective and focus on defensive stock sectors such as health care and dividend-paying stocks,” Van Lipsey added.