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NEW YORK — Stocks slid on Wall Street Tuesday as the market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession. The S&P 500 fell 2%, the Dow Jones Industrial Average fell 1.6%, and the Nasdaq fell 3%.
Roughly 85% of the stocks in the benchmark S&P 500 closed in the red. Technology, communications and health care stocks accounted for a big share of the decline. Retailers and other companies that rely on direct consumer spending also helped pull the index lower. Energy stocks rose along with the price of crude oil. The yield on the 10-year Treasury note, which helps set mortgage rates, held steady at 3.19%.
Investors face a pervasive list of concerns centering around rising inflation squeezing businesses and consumers. Supply chain problems that have been at the root of rising inflation were made worse over the last several months by increased restrictions in China related to COVID-19.
WASHINGTON — U.S. consumer confidence slipped to its lowest level in 16 months as persistent inflation and rising interest rates have Americans as pessimistic as they’ve been about the future in almost a decade. The Conference Board said Tuesday that its consumer confidence index slipped to 98.7 in June from 103.2 in May and the second straight monthly decline and the lowest level since February 2021. The business research group’s expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, tumbled in June to 66.4 — its lowest level since 2013.
SAN FRANCISCO — Airbnb says it’s making its party ban permanent. The short-term-rental company said Tuesday that the temporary ban it put into effect in 2020 is working, so it decided to make it permanent. The company says reports of parties at listed properties have dropped 44% from a year ago. Airbnb has been trying to crack down on parties since late 2019, after a fatal shooting at a rented house in California. While making the ban permanent, Airbnb is lifting a capacity limit on some rentals. Airbnb says some property owners want to eliminate the limit of 16 people at large properties.
NEW YORK — The German industrial company Siemens will invest more than $100 million in a network of electric vehicle charging stations in North America operated by Volkswagen. Siemens is the first outside investor in the project, Electrify America said Tuesday, and the company is being granted a seat on its board. The network in total has added $450 million in funding, which includes an increased capital investment from Volkswagen Group. Volkswagen originally committed to $2 billion through 2026.
COPENHAGEN, Denmark — Swedish power utility Vattenfall says it is considering building at least two new small nuclear reactors to deal with a projected rise in electricity consumption over the coming decades. Sweden initially had aimed to phase out nuclear power generation — which currently supplies about 40% of its needs — by 2010. But in 2009 lawmakers decided to allow replacement of existing reactors with new ones, and opinion polls show that most Swedes agree. Vattenfall said in a statement Tuesday that it was “initiating a pilot study looking at the conditions for building at least two small modular reactors” close to Ringhals power station, Sweden’s largest.
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