The S&P 500 dropped 4.3%, its largest single day decline since June 2020 during the height of the pandemic. The Nasdaq Composite index fell 5.2%, also its worst day since June 2020. The Dow Jones Industrial Average dropped nearly 4% to 31,105.

The Bureau of Labor Statistics released its Consumer Price Index Tuesday that showed the inflation rate at 8.3% in August over a year prior. With gas prices dropping, analysts expected the inflation rate to be 8.1%.

​Dan McCaleb is the executive editor of The Center Square. He welcomes your comments. Contact Dan at

Executive Editor

Dan McCaleb is a veteran editor and has worked in journalism for more than 25 years. Most recently, McCaleb served as editorial director of Shaw Media and the top editor of the award-winning Northwest Herald in suburban Chicago.