U.S. stocks fell sharply at Tuesday’s opening bell, with all three major indexes sliding amid renewed concerns that inflation pressures may not yet be under control.

The Dow Jones Industrial Average dropped 441.26 points, or 0.97%, to 45,103.6, while the S&P 500 shed 83.83 points, or 1.77%, to 4,646.0. The Nasdaq Composite led declines, falling 374.41 points, or 1.75%, to 21,081.1. The early selloff comes against the backdrop of a resurgent debate over whether the U.S. economy is headed toward a repeat of the inflationary cycles that rocked the 1970s.

Torsten Slok, Chief Economist at Apollo Global Management, warned that “the risks are rising that we could see another ‘inflation mountain’ emerge over the coming months,” pointing to tariff pressures, a weakening dollar, and divisions within the Federal Reserve over the tradeoff between inflation and employment. A chart published by Apollo shows today’s core inflation path resembling the dual peaks of the 1970s, fueling anxiety among traders.

Fresh data on the labor market underscored those concerns. According to Bank of America research, the share of Americans switching jobs has declined sharply from its 2022 peak, but the churn remains modestly above pre-pandemic levels. Pay gains for job hoppers have also cooled to about 7% in July — more than three percentage points below 2019 norms — suggesting less wage-driven inflationary pressure. Still, disruption remains: BofA found the rate of pay disruption was up 4.7% year-over-year in July, pointing to ongoing volatility for younger workers in particular.

Commodities markets moved in the opposite direction. Gold surged past its April record to $3,548.30, up 0.92%, while silver also pushed beyond $40. Crude oil futures for October delivery rose 1.30% to $64.84, after oscillating in a wide range during the early session. The move into safe havens reflects investor unease about inflation risks and potential policy missteps.

Morgan Stanley analysts Amy Gower and Martijn Rats, in a September 1 report, highlighted that “a combination of factors—including the Federal Reserve’s rate-cutting cycle, a weakening U.S. dollar, ETF inflows, and a revival in physical demand—are providing strong support for gold and silver prices.”

The selloff in equities alongside the surge in precious metals captures a broader investor debate: whether slowing job mobility and moderating wage gains signal disinflation ahead, or whether sticky cost pressures — from trade policy to commodities — will keep inflation elevated well into 2026.