Stocks fell for a third day on Tuesday, as market participants fear the Federal Reserve's hawkish interest rate hikes will have negative consequences for economic growth. The Dow Jones Industrial Average dropped over 300 points, while the S&P 500 fell below the 4,000 mark and the Nasdaq Composite lost 1%.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -1.10% or -44.45 points to 3,986.16

Dow Jones Industrial Average (DIA  ): -0.96% or -308.12 points to 31,790.87

Nasdaq Composite Index (QQQ  ): -1.12% or -134.53 points to 11,883.14

Oil prices fell on Tuesday on renewed concerns that a potential global recession will impact demand. West Texas Intermediate (USO  ) tumbled 5.5% to $91.64 per barrel, while international benchmark Brent Crude (BNO  ) sank 5.6% to $99.25 per barrel.

The drop in oil prices impacted oil companies on Tuesday, with the sector leading declines for the S&P 500 and Dow. Diamondback Energy (FANG  ), Halliburton (HAL  ) and Marathon Oil (MRO  ) each declined over 5%. Chevron (CVX  ) and ExxonMobil (XOM  ) also fell about 3%.

On the economic front, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed nearly 1 million more job openings than expected in July, totaling 11.2 million for the month. That total was also about 200,000 higher than June's upwardly revised total of 11.04 million. The Federal Reserve watches JOLTS data for signs of slack in hiring.

The Conference Board's U.S. consumer confidence index rose to 103.2 in August, snapping three straight months of declines as falling gas prices led to more favorable outlooks on the economy. Last month's total followed July's downwardly revised print of 95.3.

"Concerns about inflation continued their retreat but remained elevated," said Lynn Franco, senior director of economic indicators at The Conference Board, in a statement. "Looking ahead, August's improvement in confidence may help support spending, but inflation and additional rate hikes still pose risks to economic growth in the short term."

For the housing market, Standard & Poor's CoreLogic Case-Shiller Home Price Index showed an 18.0% annual increase in June, ticking down from May's reading of 19.9%. Beneath the headline, the 20-City Composite index saw an 18.6% annual gain, down from 20.5% in May.

For stocks, shares of Nikola (NKLA  ) and Lucid (LCID  ) slipped lower on Tuesday after both electric-vehicle companies made moves to raise additional cash this week. Lucid said in a filing Monday that it intends to issue $8 billion in new stock over the next three years, while Nikola said in a filing on Tuesday that it plans to issue up to $400 million in new shares.

Meme stock Bed Bath & Beyond (BBBY  ) also saw declines on Tuesday as investors await the retailer's plan for its turnaround, which are due Wednesday.

Looking ahead, investors are gearing up for Friday's jobs report, with Wednesday set to offer some clues from ADP's employment report.