US stocks closed in a sea of red on Tuesday as new labor data came in hotter than expected while investors await the Federal Reserve's upcoming interest rate decision, along with earnings from Amazon . The S&P 500 and tech-heavy Nasdaq Composite each nosedived roughly 1.6% and 2%, respectively. The Dow Jones Industrial Average fell about 1.5% while the yield on the 10-year Treasury jumped about 7 basis points to trade near 4.69%.
1%. The data adds to ongoing concerns that persistently high wages are keeping inflation levels elevated. Stocks are on track to post their worst month of 2024, as a brutal mid-April stretch means the major indexes are set to end the month with losses. Investors are bracing for policymakers to hold interest rates at historically elevated levels at the Fed's two-day meeting, set to start on Tuesday.
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