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Stock market news today: Dow sinks 574 points on rate fears

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Dow drops 574 points as Fed chief Powell opens the door to steeper rate hikes

US stocks tumbled on Tuesday after Federal Reserve Chairman Jerome Powell opened the door to bigger rate hikes.

"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," he said in testimony on Capitol Hill."If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."at this month's meeting of the Federal Open Market Committee.

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