The Dow Jones Industrial Average fell 308.12 points, or 0.96 percent, to 31,790.87. The S&P 500 decreased 44.45 points, or 1.10 percent, to 3,986.16. The Nasdaq Composite Index dipped 134.53 points, or 1.12 percent, to 11,883.14.
All the 11 primary S&P 500 sectors ended in red, with energy and materials down 3.36 percent and 1.71 percent, respectively, leading the losses.
The pullback came as Federal Reserve officials continued to reiterate their commitment to raising rates to bring down inflation, spurring market concerns over the implications of the central bank's aggressive rate hike campaign.
On the economic front, the U.S. Labor Department reported Tuesday that U.S. job openings rose unexpectedly in July, with the number of available positions edging up to 11.2 million.
The U.S. consumer confidence index rose to 103.2 in August from 95.3 in July, showed a survey by New York-based The Conference Board.
Latest comments