-- The Dow closed lower Tuesday, as Treasury yields rose to their highest level in more than a decade on fresh inflation concerns as investors awaited the Federal Reserve monetary policy update due Wednesday.
The fell 0.3%, 106 points, fell 0.2%, and the fell 0.2%.
Treasury yields close at more-than-decade highs as countdown to Fed decision begins
The and Treasury yields closed at their highest levels since 2006 and 2007, respectively, amid ongoing signs of economic growth and fresh inflationary fears following the recent spike in oil prices.
The recent climb in the oil prices comes just as the Federal Reserve kicked off its two-day meeting that is expected to culminate in unchanged rate decision on Wednesday.
But the updated summary of economic projections, which will accompany the decision, and Fed chairman Jerome Powell's comments will dominate investor attention amid expectations that the Fed is unlikely to hike rates again.
"I don't think they're going to do the additional hike in November because the inflation data will be good enough that they won't feel like they need to," Rhys Williams told 's Yasin Ebrahim in an interview on Tuesday.
But a pick in medical costs, a potential easing in rent deflation and ongoing increase in energy prices could rejuvenate inflation early next year, increasing the risk of a further Fed tightening in the first quarter, Williams added.
"I think the risk would be in the first quarter that they do a an additional hike if in fact inflation picks back up," Williams said.
The projections are likely to show upgrades to “growth and the labor market and a downward revision to inflation, at least in 2023,” it added.
United Auto Workers Union warns strikes to widen unless progress made in talks with carmakers
United Auto Workers union threatened to call on more of its union members to walkout at car making factories across Detriot’s big three automakers including Ford (NYSE:), General Motors (NYSE:) and Stellantis (NYSE:) if "significant progress" isn’t made toward a agreement by Friday at noon.
The targeted strikes at all three American auto companies, now entering the fifth day, got underway on Friday after the United Auto Workers rejected a labor deal tabled by automakers, calling it “inadequate.”
Amazon to hire 250,000 workers for holiday shopping rush
Amazon.com (NASDAQ:) detailed plans to Tuesday to hire 250,000 employees in the U.S. to meet demand ahead of the usual shopping spree into the holiday season.
Disney plans to accelerate investment in parks, cruises business
Walt Company (NYSE:) said Tuesday that it plans to nearly double its investment in Disney Parks, Experiences and Products over a 10-year period to about $60B, nearly double the amount invested over the prior 10-year period.
Disney said it has more than 1,000 acres of land to potentially develop into theme park space.
Instacart gives up gains after initial pop on debut
Instacart soared on its stock market debut as investors rushed to buy shares of the online grocery delivery company.
Instacart ( Inc.) (NASDAQ:) opened at $42 on the Nasdaq in afternoon trading, up more than 40% from its IPO price of $30 a share, but gave up some gains to end the day about 12% higher.
Energy slips despite as oil prices take a breather
Energy stocks fell 0.7% as oil prices pared gains to settle lower, though remained above $90 a barrel and is expected to resume its advance amid a crude supply shortfall.
Halliburton (NYSE:), Marathon Petroleum Corp (NYSE:), and Valero Energy Corporation (NYSE:) were among the biggest decliners on the day.
Oil: Another rally, then profit-taking dive on ‘overbought’ signs By