US stocks closed out their ugly April with even more losses on Tuesday, cementing the market's worst month since September.
- The S&P 500 S&P 500 fell 80.48 points, or 1.6%, to 5,035.69, pulling it further from its record set at the end of March.
- The Dow Jones Industrial Average fell 570.17 points, or 1.5%, to 37,815.92.
- The Nasdaq composite fell 325.26 points, or 2%, to 15,657.82.
Stocks began dropping as soon as trading began, after a report showed US workers won bigger gains in wages and benefits than expected during the first three months of the year, the
AP reports.
While that's good news for workers and the latest signal of a solid job market, it feeds into worries that upward pressure remains on the economy and inflation. It's the latest in a string of reports on inflation and the overall economy to come in stubbornly higher than forecast. That's pushed traders to largely give up on hopes that the Federal Reserve will deliver multiple cuts to interest rates this year. That in turn has sent Treasury yields jumping in the bond market, which has cranked up the pressure on stocks. Tuesday's losses accelerated in the afternoon as traders made their final moves before closing the books on April.
GE Healthcare Technologies tumbled 14.3% after it reported weaker results and revenue for the latest quarter than analysts expected. F5 dropped 9.2% despite reporting a better profit than expected. Its revenue fell short of forecasts, and it said customers were remaining cautious and forecasting largely flat IT budgets for the year. Helping to keep the market's losses in check was 3M, which rose 4.7% after reporting stronger results and revenue than forecast. Eli Lilly climbed 6% after turning in a stronger profit than expected on strong sales of its Mounjaro and Zepbound drugs for diabetes and obesity. It also raised its forecasts for revenue and profit for the full year.
(More
stock market stories.)
,
uBlock 
,
and
Ghostery 
)
