Wall Street, oil slide as investors eye rates, China economy

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U.S. stocks fell and oil slid over 1% on Tuesday as investors renewed fresh concerns over whether the Federal Reserve was done hiking interest rates and the resilience of China's economy.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

16 Aug 2023

All three major U.S. equity indexes ended the trading day lower, after a stronger-than-expected report on U.S. retail sales data. The U.S. Commerce Department reported that U.S. retail sales had increased by 0.7% in July, ahead of the 0.4% boost economists had anticipated, leading investors to wonder if the Fed may have longer to go on its rate-hiking campaign to tame inflation.

The Dow Jones Industrial Average fell 1.02%. The S&P 500 dropped 1.16% and the Nasdaq Composite shed 1.14% in value.

The MSCI world equity index, which tracks shares in 45 nations, was last down 1%.

«Given the fact that we are so hyper-vigilant about the Fed and what their next step will be in September, it isn't surprising that the market reacted with jitters, given that the retail sales number might indicate that the Fed would continue to raise rates,» said Peter Anderson, founder of