Stock market live updates: Stocks extend losses after two-day Powell sell-off

U.S. stocks turned lower Tuesday, extending a rout spurred by fears of sustained monetary tightening by the Federal Reserve to combat inflation.

The S&P 500 tumbled 0.7% after climbing at the start of trading, deepening its losses after the benchmark index plunged roughly 4% across back-to-back losing days. The Dow Jones Industrial Average shed 175 points, or about 0.6%, and the technology-heavy Nasdaq Composite fell 0.7%.

The moves came after a batch of upbeat economic data on the labor market and U.S. consumers indicated the economy can weather further rate hikes.

The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed U.S. job openings soared to 11.2 million last month, pointing to continued tightness in the labor market as employers struggle to fill vacancies. Economists surveyed by Bloomberg expected 10.375 million in July.

June’s data also reflected a sharp upward revision from 10.698 million openings to 11 million.

A reading from the Conference Board…

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This article was written by and originally published on finance.yahoo.com