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Dow Futures Fall 0.6% as Recession Fears Weigh

Published Oct 11, 2022 07:08AM ET
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By Noreen Burke   

Investing.com -- U.S. stocks are seen opening broadly lower on Tuesday, a day after the Nasdaq recorded its lowest close since July 2020, pressured lower by persistent worries over the impact of rising interest rates.

At 07:05 ET (11:05 GMT), the Dow futures contract was down 193 points, or 0.6%, S&P 500 futures traded 26 points, or 0.7% lower and Nasdaq 100 futures shed 73 points, or 0.7%.

The main equity indices closed sharply lower Monday, with the Nasdaq ending down 1.04%. The Dow Jones Industrial Average was off 0.3%, while the S&P 500 declined about 0.8%.

Investors remained cautious ahead of what will be closely watched inflation data later in the week as well as the start of third quarter earnings season on Friday, when the largest U.S. lenders are due to report.

Analysts expect the bank results to show a slide in net income after market volatility hit investment banking activity and lenders set aside more rainy-day funds to cover losses from borrowers who fall behind on their payments.

Banks typically earn more when interest rates rise because they can charge customers more to borrow, but higher borrowing costs also impact on demand for mortgages and other loans.

The U.S. is to release the consumer price index report for September on Thursday followed by retail sales figures, also for last month, on Friday.

Recent comments by Federal Reserve officials have indicated that turbulence in financial markets would not deter them from acting to lower inflation.

Investors are worried that the Fed’s efforts to tackle inflation with jumbo-sized rate hikes could tip the economy into recession.

JPMorgan Chase Chief Executive Jamie Dimon said the United States and the global economy could tip into a recession by the middle of the next year.

"These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they're likely to put the U.S. in some kind of recession six to nine months from now," Dimon said in an interview with CNBC.

In commodity markets oil prices slid around 2%, adding to losses in the previous session as concerns over the demand outlook weighed.

U.S. crude futures traded 2.3% lower at $88.95 a barrel, while the Brent contract was down 2.08% to $94.20. Elsewhere, gold futures were little changed at $1,674.35/oz, while EUR/USD traded 0.2% higher at 0.9721.

Dow Futures Fall 0.6% as Recession Fears Weigh
 

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Comments (11)
Joseph Mead
Joseph Mead Oct 11, 2022 7:21PM ET
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So what we need for consecutive quarters of negative GDP now before we’re gonna stop calling it just a fear fear
Tom Michaels
Tom Michaels Oct 11, 2022 9:43AM ET
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Excuse da jour again for the umpteenth time.
Vladimir Galatsky
Vladimir Galatsky Oct 11, 2022 9:19AM ET
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I love Bloomberg say: “We are in Recession when your trade is loosing money”
John Schlatter
John Schlatter Oct 11, 2022 8:41AM ET
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I thought we were already in a recession per 2 consecutive quarters of negative growth...but what do I know
Brad Albright
Brad Albright Oct 11, 2022 8:41AM ET
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Not much.
Royce Murph
Royce Murph Oct 11, 2022 8:22AM ET
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Got to love the lib articles. Right on time when oil rises. Pathetic. Keep pushing the Dems agenda.
Brad Albright
Brad Albright Oct 11, 2022 8:22AM ET
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Paranoia will destroy ya.
Redentor Obligacion
Redentor Obligacion Oct 11, 2022 8:18AM ET
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is this the cause of breakout?
Redentor Obligacion
Redentor Obligacion Oct 11, 2022 8:17AM ET
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is this the cause of breakout?
rajesh vairale
rajesh vairale Oct 11, 2022 8:14AM ET
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ll recover in today's session.
Don Vo
Don Vo Oct 11, 2022 7:50AM ET
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3000 points lost on Thursday
Don Vo
Don Vo Oct 11, 2022 7:48AM ET
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Collapse for sure
 
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