A summer swoon that has been chipping away at stocks since early July was egged on Tuesday with news that Americans have hardly curbed their spending.
Investors have been grappling with growing expectations for an economic “soft landing,” or no landing at all, that could open the door to more Fed hikes. Even as that pushes back on recession fears, they’ve been seizing on that other reasons to sell equities, including China worries and some earnings disappointment, along with technical factors.
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