Stocks fall for a third day | Fed’s Williams pushes back on rate cut expectations | ‘Underowned’ tech names

Investors are coming around to the idea that more pain is ahead.

VIEW IN BROWSER | SUBSCRIBE TUE, AUG 30, 2022 EVENING BRIEF AS OF TUE, AUG 30, 2022 • 04:55 ET DJIA 31790.87 -0.96% -308.12 S&P 500 3986.16 -1.10% -44.45 NASDAQ 11883.14 -1.12% -134.53 Most Active DOW NAME LAST CHG %CHG AAPL 158.91 -2.47 -1.53% INTC 32.26 -0.68 -2.06% MMM 124.86 -1.58 -1.25% S&P 500 NAME LAST CHG %CHG AAPL 158.91 -2.47 -1.53% AMD 86.94 -1.55 -1.75% F 15.45 -0.12 -0.77% NASDAQ NAME LAST CHG %CHG AAPL 158.91 -2.47 -1.53% AMD 86.94 -1.55 -1.75% NVDA 154.68 -3.33 -2.11% EDITOR'S NOTE Stocks continued their slide for a third straight day as investors come to terms with the idea that despite a few weeks of relief from 2022's market tumult, there's still more pain to come.   The S&P 500 fell below the 4,000 level on Tuesday for the first time since July, breaking its 50-day moving average and cutting its rally from the mid-June low to just 8.7%. The Dow Jones Industrial Average and Nasdaq Composite are about 6% and 11%, respectively, off their mid-June lows. Both indexes have lost more than half their gains from the bottom.   All of the major averages are on track for a losing month ahead of September, which historically has been the worst month of the year for stocks. Early in the day, the market briefly moved higher but stumbled following inflation-fighting comments from New York Fed President John Williams and European Central Bank policymaker and Estonian central bank Governor Madis Muller.   The labor market was in the spotlight Tuesday after the Bureau of Labor Statistics reported that open jobs remained plentiful for the month of July. Still, stocks continued to tumble as investors interpreted the data as giving more reason for the Fed to keep tightening.   "It is the so-called 'stickiness' of higher wages that concerns Fed economists because higher wages… lead to higher prices, ultimately causing a classic wage/price spiral," said LPL Financial's Quincy Krosby. "For an inflation-fighting central bank, what's good news on Main Street now makes the job to rein in inflation that much more difficult."   Investors are looking forward to the Friday jobs report, although some say a strong number would only reinforce the central bank's commitment to lowering inflation. Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks extend their losing streak a third day, Dow closes down 300 points Fed's Williams pushes back on market expectations of a rate cut next year Home prices weakened in June, but were still much higher than a year ago, says S&P Case-Shiller Elon Musk cites whistleblower claims in latest effort to scrap Twitter deal Big tech stocks such as Microsoft are 'underowned.' Morgan Stanley says that's a good thing Texas reports what may be the first U.S. death from monkeypox Job openings top 11.2 million in July, well above estimate and nearly double the available workers Investor Kyle Bass says own oil stocks for next decade as Europe's energy problems continue Mississippi governor declares emergency after Jackson's main water plant fails Battle for Kherson begins as Russia sends in military convoys; nuclear plant shelling intensifies ahead of IAEA visit TOP VIDEO What we don't know is the magnitude of the coming earnings decline, says BofA's Chris Hyzy CNBC PRO Warren Buffett's 91st year marked by a huge focus on Berkshire Hathaway's energy empire SPECIAL REPORTS Student loan forgiveness applications could open within weeks. Take these 4 steps now to get ready Education Department cancels $1.5 billion in student debt for 79,000 borrowers subjected to 'false promises' by Westwood College Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS