The major averages slid during the regular session, as economic worries were reawakened.
These losses came after new home sales and consumer confidence data missed economists' estimates. Homes under contract came in at 675,000 for August, according to data from the Census Bureau and the Department of Housing and Urban Development. Economists' estimates called for 695,000, per Dow Jones.Sign up for NBC LA newsletters.
Meanwhile, the Conference Board's consumer confidence index declined to 103 in September from 108.7 in August. Economists polled by Dow Jones had forecasted 105.5. "Consumers remain worried about inflation and the impact of higher borrowing costs. This also weighed on housing market activities as mortgage rates tick higher," said U.S. Bank Asset Management senior investment strategist Rob Haworth."However, still-high accumulated consumer savings balances, a strong labor market and solid wage growth are providing some support as we near the fourth quarter of the year.
The market is currently living up to its"seasonally weak September," said Blanke Schein Wealth Management's chief investment officer Robert Schein. Indeed, the S&P 500 is off 5.2% in September, while the Dow is down 3.2%. The Nasdaq is the laggard of the three, losing nearly 7% this month.
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