Stocks slid on Wall Street Tuesday as the market remains gripped by uncertainty over pervasive inflation, rising interest rates, and the potential for a recession. The Conference Board reported that consumer confidence fell in June to its lowest level in more than a year, driven by concerns over inflation including rising prices for gas and food. Energy stocks rose along with the price of crude oil. The S&P 500 fell 78.56 points, or 2%, to 3,821.55. The Dow Jones Industrial Average fell 491.27 points, or 1.6%, to 30,946.99. The Nasdaq fell 343.01 points, or 3%, to 11,181.54.
The results of the Conference Board's report on consumer confidence were much weaker than economists had expected, the AP reports. "Confidence is going to continue to shrink as long as inflation remains high," says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "It all comes back to inflation, it's ultimately driving reaction from the Fed and impacting the market and consumer confidence." Athletic footwear and apparel giant Nike fell 7% after giving investors a cautious update on the potential hit to revenue because of lockdowns in China.
Wynn Resorts rose 3.2% and Las Vegas Sands added 4%. The companies, which have major gambling businesses in China, got a boost after China eased a quarantine requirement for people arriving from abroad Investors are awaiting remarks expected for midweek by central bank leaders including Fed Chair Jerome Powell and European Central Bank chief Christine Lagarde. They will also get another update on US economic growth on Wednesday when the Commerce Department releases a report on first-quarter gross domestic product. (More stock market stories.)
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