Wall Street pared major losses in a choppy session Tuesday, with the Dow losing 123 points (down 0.4%) and the S&P 500 down 0.2%, while the Nasdaq edged out a gain of 0.25%. Intense selling pressure continues as investors are concerned over corporate earnings given soaring interest rates, an intensely strong dollar, and prospects of an economic downturn. The gloomy mood was exacerbated by a slew of hawkish Fed speeches, with Chicago Fed President Charles Evans and St. Louis Fed President James Bullard making a case for more rate hikes in future meetings. On top of that, upbeat economic releases supported the Fed’s aggressive stance: new orders for US-manufactured capital goods rose more than expected in August, and home sales unexpectedly rebounded last month. The market movement came as the US 10Y approached 400 BPS and the DXY held highs not seen since 2001 while the VIX volatility index peaked above the 34 mark.