Stocks are falling on Wall Street Tuesday amid worries about upcoming profits for companies and the tightening squeeze of higher interest rates.
The S&P 500 was 0.8% lower in its first trading of the week following Monday's holiday. The Dow Jones Industrial Average was down 282 points, or 0.8%, at 33,544, as of 9:45 a.m. Eastern time, while the Nasdaq composite was 0.9% lower.
The other main lever is also looking precarious as interest rates continue to rise. When safe bonds are paying higher amounts of interest, they make stocks and other investment look comparatively more expensive. Rates have climbed high enough that strategists at Morgan Stanley say U.S. stocks look to be more expensive than at any time since 2007.
Several reports have recently come in on the economy that were stronger than expected. On the positive side for markets, they helped allay fears that the economy may soon fall into a recession. But on the negative side, they also give the Fed more reason to stick to the "higher for longer" campaign it's been espousing for interest rates to snuff out inflation.
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