Wall Street finished down Tuesday, taking the market’s losses into a holiday-shortened week.
The main indices have lost three weeks in a row, part of a late-summer slide that has wiped much of the benchmark S&P 500’s advances from July and early August.
The S&P 500 dropped 16.07 points to 3,908.19. The Dow slid 173.14 points to 31,145.30, while the Nasdaq fell 85.96 points to 11,544.91.
Smaller company stocks fell more than the broader market. The Russell 2000 index fell 17.42 points, or 1%, to 1,792.32.
Bed Bath & Beyond fell 18.4% following the death of its chief financial officer. The company has been suffering from a prolonged sales slump and executive turnover.
The company that wants to take Trump Media public, Digital World Acquisition, plunged 11.4% following reports it didn’t receive enough shareholder support for an extension to close the deal.
ADT rose 16.4% after State Farm said it was taking a 15% stake in the home security company.
Markets in the U.S. were closed on Monday for the Labor Day holiday.
Trading began Tuesday at the New York Stock Exchange after Ukrainian President Volodymyr Zelenskyy virtually rang the opening bell. He gave a pitch for a program to attract large-scale investments to his country as it continues to battle Russian forces.
Markets have been slipping in recent weeks as inflation remains hot and the Federal Reserve stays on track to continue raising interest rates to try and tame stubbornly persistent high prices. The big concern is that the Fed might go too far in raising rates and slam the brakes too hard on an already slowing economy, potentially causing a recession.
Bond yields rose. The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, rose to 3.34% from 3.19% late Thursday. The two-year Treasury yield, which tends to track expectations for Fed action, rose to 3.51% from 3.39%.