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US stocks closed in a sea of red on Tuesday to close Wall Street’s worst month of 2024, as new labor data came in hotter than expected while investors await the Federal Reserve’s upcoming interest rate decision and digest strong earnings from Amazon (AMZN).
The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each nosedived to end the trading day, falling roughly 1.6% and 2%, respectively. The Dow Jones Industrial Average (^DJI) fell about 1.5% while the yield on the 10-year Treasury (^TNX) jumped about 7 basis points to trade near 4.69%.
According to new data released by the Bureau of Labor Statistics early Tuesday, the employment cost index, which measures compensation and benefits, increased 1.2% from December to March — the highest increase in a year — after rising 0.9% at the end of 2023.
Wages and salaries increased by 1.1% over that same three-month period, while benefit costs also increased by 1.1%. The data adds to ongoing concerns that persistently high wages are keeping inflation levels elevated.
Investors are bracing for policymakers to hold interest rates at historically elevated levels at the Fed’s two-day meeting, which began Tuesday.
Amazon’s results after the bell showed a beat on both the top and bottom lines as investors cheered a strong showing from its cloud computing segment. Shares popped as much as 5% in after hours trading.
