Stock market news today: Interest rate fears spur losses at resistance – Markets Insider

US stocks moved decidedly lower throughout the day on Tuesday, as investors continue to question whether the Federal Reserve’s upcoming interest rate hikes will actually ease in the face of resilient economic data.
The Fed is largely expected to hike interest rates by 50 basis points at its FOMC meeting next week, a step down from its four straight 75-basis-point interest rate hikes. Another 50-basis-point increase is expected at its February FOMC meeting, according to the CME’s FedWatch Tool.
Last week’s strong November jobs report and continued resilience in quarterly GDP data shows that the economy is holding up well despite the Fed’s near-400 basis points of interest rate hikes made so far this year. The Federal Reserve Bank of Atlanta’s GDPNow forecast sees 2.8% GDP growth in the fourth-quarter.
And while inflation is showing signs of slowing down, any unexpected acceleration in prices could spark a more hawkish Fed that remains steadfast in its tightening. The S&P 500 is down more than 3% since Friday, after testing its declining 200-day moving average as resistance.
Here’s where US indexes stood at the 4:00 p.m. ET close on Tuesday:
Here’s what else happened today:
In commodities, bonds and crypto:
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