Jim Barnes, director of fixed income at Bryn Mawr Trust, told Reuters Tuesday that the market is focused on the Fed's intentions for its balance sheet, which has resulted in the yield curve reversing some of the inversions we saw last week.
The Nasdaq Composite lost 328.39 points or 2.26 percent to 14,204, the biggest loser Tuesday. The Dow Jones industrials fell by 280.30 points or 0.70 percent to 34,641. The Standard and Poor's 500 declined by 57.52 points or 1.26 percent to 4,525. The U.S. dollar went ahead on Tuesday. The euro dropped to 1.0901 near the New York close. The British pound fell to 1.3071. The Japanese yen blew out to 123.61. The Swiss franc fell to 0.9296.
The Australian dollar, which had soared above the 0.7600 level during Asian trading, fell to 0.7576 in New York. The New Zealand dollar fell from its Asian peak of 0.70 cents to 0.6941. The Canadian dollar was softened to 1.2496.
Germany lost 0.65 percent of its value over the course of the day. The Paris-based CAC 40 let go 1.28 percent. The FTSE 100 in London was better, rising by 0.72 percent.
The rest of the region traded quietly. In Japan, the Nikkei 225 gained 0.19 percent. The Australian All Ordinaries were up 0.18 percent.