By republicmonews Team
U.S. stocks sank lower Tuesday as traders return to Wall Street for a holiday-shortened week after Labor Day.
The market will enter September aiming to end a three-week losing skid as investors digest the Fed's inflation-fighting message. Chris Larkin, E*TRADE's MD of trading, said Tuesday.
Bulls hoping for a rebound will do so during a shorter Labor Day week that historically has mimicked September's underperformance: losses have been less frequent, but volatility has been higher.
As investors anticipate the Fed's next policy action, Treasuries rose. 10-year note yields 3.269%, 2-year yields 3.449%.
Oil prices fell after OPEC+ curtailed production for the first time in more than a year to control global crude markets. WTI crude oil declined 0.5% to $86.44 a barrel, while Brent futures fell 0.2% to $92.81.
Bed Bath & Beyond (BBBY) shares dropped 13% early Tuesday. Last Monday, the home-goods retailer announced it would lay off workers and close 150 stores to turn around its faltering business.
Gustavo Arnal, the company's CFO, reportedly committed himself Friday by jumping from the "Jenga" tower in Tribeca, New York. Arnal was implicated in a $1.2 billion shareholder complaint alleging a "pump and dump" scam.