US stocks fell and Brent crude prices hit their lowest level since January after a round of strong economic data reignited concerns that the Federal Reserve will quickly raise borrowing costs to tame inflation.

The benchmark S&P 500 shed 1.2 percent and the tech-heavy Nasdaq Composite fell 1.5 percent in morning trade in New York on Tuesday, continuing sharp falls from the previous session.

Brent crude, the international oil benchmark, briefly fell below $80 and fell…