Dow Drops 300 Points. Price Pressures Are Firming Up.
The Nasdaq Composite declined 0.8%. Sevens Report Research’s Tom Essaye told _Barron’s_ in a phone interview that hotter-than-expected employment cost and home price data spooked markets after a couple strong days. For Federal Reserve Chair Jerome Powell’s press conference on Wednesday, Essaye beliefs Powell will reiterate that there hasn’t been as much progress on reducing prices as the central bank had hoped.