U.S. stock market were headed for worst daily decline since mid-June as doubts about the summer's strong rally on Wall Street deepened and investors waiting on an update from the Federal Reserve's Jerome Powell at Jackson Hole. The Dow Jones Industrial Average was down 1.9%, or about 631 points, near 33,077. The S&P 500 was off 2.1% and the Nasdaq Composite Index was 2.4% lower. If those levels hold, it would mark the biggest daily percentage decline for the Dow and S&P 500 since June 16, according to Dow Jones Market Data. It would market the worst daily percentage decline for the Nasdaq since June 28.The selloff in stocks comes after the S&P 500 shot up in recent weeks more than 17% from its mid-June low and as the benchmark 10-year Treasury rate on Monday regained the 3% mark. Fed Chairman Powell is due to speak Friday at the annual summer summit, with economist expecting him to stress the need to get inflation down to the central bank's 2% target, even if that means risking a recession.
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Wall Street is underestimating further Federal Reserve rate hikes, according to Bill Dudley. The former New York Fed chief told Bloomberg ...
