US stocks down with steeper Fed rate hike woes
Worries about higher interest rates trigger recession fears
By Ovunc Kutlu
ISTANBUL (AA) - US stocks were down after the opening bell Tuesday as investors are worried about a steeper rate hike from the Federal Reserve next week.
The Dow was off 144 points, or 0.42%, to 33,802 at 10.14 a.m. EDT, while the S&P 500 fell 34 points, or 0.86%, to 3,964.
The tech-heavy Nasdaq plummeted 152 points, or 1.36%, to 11,087.
The blue-chip Dow dropped nearly 500 points Monday and the Nasdaq shed almost 2% as positive services sector figures fueled fears that the Fed may raise rates higher than expected.
The central bank's aggressive monetary tightening could force the American economy into a recession next year, according to most economists.
The VIX volatility index, also known as the fear index, soared 2.8% to 21.33. The 10-year US Treasury yield, however, fell 0.5% to 3.583%.
The dollar index rose 0.1% to 105.36, around its highest in 20 years, while the euro added 0.04% to $1.0495 against the greenback.
Precious metals were up with gold adding 0.2% to $1,772 per ounce and silver rising 0.2% to $22.30.
Oil prices lost more than 1%. Global benchmark Brent crude was trading at $81.42 per barrel for a loss of 1.5%, while US benchmark West Texas Intermediate crude was around $76.02, down 1.2%.
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