Shares sink as buyers await the Fed’s charge hike

Stocks sink as investors wait for the Fed's rate hike

New York
CNN Business

So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike.

The Dow fell more than 450 points, or 1.5%, in midday trading. The S&P 500 was also down about 1.5% while the tech-heavy Nasdaq was off by 1.3%.

There were no earnings reports of note on Tuesday…although a warning from Ford

(F) about inflation and supply chain woes added to investor worries.

There was also not much economic data for investors to focus on other than a new housing report, which was mixed. Housing starts for August rose more than 12% from July, but building permits were down 10%.

The housing numbers are unlikely to change the minds of Fed policy makers, who will…