U.S. stocks finished lower for the third consecutive session on Tuesday, extending losses late as rising commodity prices again raised concerns about inflationary pressures.
At the finishing bell, on the New York Stock Exchange (NYSE), the blue-chip Dow Jones Industrial Average lost -117.72 points, or -0.34%, to close at 34,378.34.
The broad-based Standard & Poor’s 500 Index declined -10.55 points, or -0.24%, to close at 4,350.64 while the rich-tech Nasdaq Composite Index slid -20.3 points, or -0.14%, to close at 14,465.9.
The three major indexes’ losing streak comes as inflation and economic growth concerns loom.
Markets were “mostly in wait-and-see mode” ahead of this Wednesday’s U.S. consumer-price report for September CPI and retail sales, the latest Federal Open Market Committee (FOMC) minutes, and the start of the U.S. Q3 earnings season.
The September Consumer Price Index (CPI) forecast expects a rise of 0.3% or a 5.3% annualized rate.
Excluding energy and food, CPI is forecast to be up 0.3% month-over-month or 4% annualized.
Investors will be looking for clues about timelines surrounding the central bank’s planned taper for its bond-buying program.
The third-quarter earnings season, which begins this week, will provide clues on how companies are faring with price increases.
JPMorgan Chase and Delta Air Lines will kick off the third-quarter earnings season Wednesday with reports before the bell.
Later this week, other major companies reporting quarterly financial results include Bank of America, Walgreens Boots Alliance, Wells Fargo, Morgan Stanley, Citigroup, and Goldman Sachs.