Stocks closed lower on Wall Street Tuesday, extending the market’s losses into a holiday-shortened week.
The settlement ends a two-year investigation by 33 states into the marketing of Juul’s products, long blamed for sparking a national surge in teen vaping.and the implications it could have for the global economy and corporate profits, given that companies in the S&P 500 get half their revenue from abroad, said Michael Antonelli, market strategist at Baird.
Smaller-company stocks fell more than the broader market. The Russell 2000 index fell 17.42 points, or 1%, to 1,792.32. The company that wants to take Trump Media public, Digital World Acquisition, plunged 11.4% after reports that it didn’t receive enough shareholder support for an extension to close the deal.Markets in the U.S. were closed Monday for the Labor Day holiday.
Wall Street has been closely watching economic data for clues that inflation might be easing, which traders hope will give the Fed a reason to ease up on rate hikes. The Fed has already raised interest rates four times this year and is expected to raise short-term rates by another 0.75 of a percentage point at its next meeting later this month, according to CME Group.
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