Stock Market Today: A day after a rare rally, Wall Street opens lower.

NEW YORK (AP) — Wall Street fell back on Tuesday despite some easing of pressure from the bond market. The S&P 500 fell 0.7% in early trading, posting a rare rally and falling for the fifth time in six days. The Dow Jones Industrial Average fell 176 points, and the Nasdaq Composite Index fell 0.8%. Stocks have fallen this month and are on track to hit their worst levels this year as the Federal Reserve solidifies that interest rates will remain high for an extended period of time in an effort to reduce inflation. Government bond yields remained stable.

This is the latest news. Previous articles from the Associated Press are below.

Wall Street is poised to open lower ahead of a possible U.S. government shutdown, recognizing that interest rates may remain high for an extended period of time.

Dow Jones Industrial Average futures were down 0.4% before Tuesday’s opening bell, while the S&P 500 was down 0.5%.

The job market remains strong, and the Federal Reserve is likely to keep interest rates high next year. The Fed has been trying to ensure high inflation is brought back on target and said last week that its rate cuts in 2024 are likely to be lower than originally expected. Key interest rates are at their highest levels since 2001.

Bond market yields have risen to their highest level in more than a decade, as there is widespread belief that interest rates will remain high for a long time. As a result, investors are less willing to pay high prices for all types of investments, especially those that are considered the most expensive or that make owners wait longer for significant growth.

In the short term, the US government could be shut down again amid further political confrontations on Capitol Hill. But Chris Larkin, managing director of trading and investments at Morgan Stanley’s E-Trade, said Wall Street has weathered past shutdowns and that “history shows that past shutdowns have not had a significant impact on the market.” “It shows.”

Japan’s benchmark Nikkei 225 index fell 1.1% to end at 32,315.05. Australia’s S&P/ASX 200 index fell 0.5% to 7,038.20. South Korea’s Kospi fell 1.3% to 2,462.97. Hong Kong’s Hang Seng Index fell 1.5% to 17,470.31, and the Shanghai Composite Index fell 0.4% to 3,102.27.

Concerns continued in China about Evergrande, a real estate developer with a large amount of debt. China’s real estate market crisis is dragging down China’s economic growth.

Tina Teng, market analyst at CMC Markets Asia Pacific and Canada, said: “China’s real estate troubles are far from over as the notorious developer Evergrande defaulted on repaying 4 billion yuan of domestic debt and delayed restructuring meetings. No,” he said.

Stephen Innes, managing partner at SPI Asset Management, said while the crisis is not shocking for those following China’s real estate market closely, Chia’s housing sector is still deteriorating and there is a risk of financial instability. He said there was growing concern that the situation was on the rise.

“It is important to recognize that tackling the housing crisis is much more difficult in practice than in theory. This difficulty is why property developers are still struggling two years after the Great Debt Crisis. “This is why potential home buyers are hesitant to enter the market,” he added.

In European markets at noon, France’s CAC 40 index was down 0.7%, Germany’s DAX index was down 0.6%, and Britain’s FTSE 100 index was up 0.1%.

In energy trading, benchmark U.S. crude oil fell 68 cents to $89 a barrel. Brent crude, the international standard crude, fell 67 cents to $91.21 per barrel.

In currency trading, the dollar rose from 148.84 yen to 148.94 yen. The euro remained at $1.0594.

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Yuri Kageyama and Matt Ott, Associated Press