The S&P 500 Index ($SPX) (SPY) Tuesday closed down -1.57%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.92%.
US stock indexes Tuesday finished sharply lower. Signs of persistent wage pressure pushed bond yields higher Tuesday and weighed on stocks after the US Q1 employment cost index rose more than expected, a hawkish factor for Fed policy. Stock indexes extended their losses Tuesday afternoon on long liquidation ahead of the results of the 2-day FOMC meeting Wednesday, and the potential for Fed Chair Powell to signal the Fed will keep interest rates higher for longer.
