Dow Tumbles Nearly 400 Points, Notching Biggest One-Day Drop Since March<br />The Dow Jones Industrial Average experienced its biggest one-day drop since March, falling 388 points or 1.1%.<br />This decline was triggered by concerns about the US economy's uncertain future and the possibility of further interest rate hikes from the Federal Reserve.<br />The benchmark S&P 500 index also slid 1.5%, reaching its lowest close since June.<br />The Nasdaq Composite lost 1.6%.<br />Despite this drop, the stock market remains in a bull market, as it would need to fall 20% from its peak to enter bear territory.<br />The release of economic data added to the market's unease.<br />New home sales fell 8.7% in August from July, while US home prices climbed to a record high in July.<br />The tight supply of homes continues to drive up prices, which could influence the Federal Reserve's decision to keep interest rates higher for longer.<br />Investors have been on edge since the Fed indicated it could hike interest rates once more this year and delay rate cuts.<br />This uncertainty has led to a decrease in market confidence, as reflected by CNN's Fear & Greed Index reaching its lowest level since March.<br />Oil prices gained on Tuesday, with West Texas Intermediate crude futures rising to roughly $90 a barrel and Brent crude climbing to $94 a barrel.<br />JPMorgan Chase CEO Jamie Dimon's statement about preparing for a 7% interest rate scenario further spooked investors.<br />Additionally, the possibility of a government shutdown as the fiscal year's end approaches without any spending deal adds to the market's concerns.<br />The stock market is experiencing a losing week and month, with all three major indexes heading for a decline.<br />The market's reaction to economic data, interest rate uncertainty, and other factors has contributed to the recent plunge.<br />As the trading day settles, slight changes in levels may occur.<br />#latestnews #news #cnn
