Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

U.S. Stocks Trade Sharply Lower on Fears of More Aggressive Fed

Published 06/13/2022, 09:49 AM
Updated 06/13/2022, 09:55 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks traded sharply lower, pushing the S&P 500 into bear market territory, as investors feared the prospect of more interest rate hikes ahead by the Federal Reserve.

At 10:31 AM ET, the Dow Jones Industrial Average was down 750 points, or 2.4%, while the S&P 500 was down 3.3% and the Nasdaq was down 4%. Bear market territory signifies a 20% decline from a recent peak.

The S&P and Nasdaq hit 52-week lows early Monday. The Fed meets beginning on Tuesday and will announce its June rate decision on Wednesday. In recent days, some analysts have started forecasting even more rate increases than earlier expected, an outlook that weighed on growth sectors of the market such as tech stocks.

The 2-year Treasury hit its highest yield since 2007. It was trading near 3.2% recently. The 10-year Treasury yield rose to 3.54%.

Tesla Inc (NASDAQ:TSLA) shares fell 6.8% in the tech swoon despite a ratings upgrade from RBC, which moved it to outperform from sector perform.

Micron Technology Inc (NASDAQ:MU) stock fell 5.2% after Summit Insights cut it to hold from buy.

Cryptocurrencies also plunged, with Bitcoin falling below $25,000. Digital currencies have been moving in the same direction as stocks over the last few months. Crypto-related stocks such as MicroStrategy Incorporated (NASDAQ:MSTR) and Coinbase Global Inc (NASDAQ:COIN) also fell, 23% and 14.2%, respectively.

Oil fell. Crude Oil WTI Futures was down 1.6%, to $118.72 a barrel while Brent Oil Futures crude fell 1.6%, to $120.07 a barrel. Gold Futures fell 2.5%, to $1,828 an ounce.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Thank the Fed for doing it's part in f@##ing up the global monetary system!
Hahaha... we still have deek holes here worship bidet.
I see some folks are blaming everything on Biden again.  They did that with Obama, too, and we got Trump.
Those people also give Trump credit for everything.  Both are signs of closed-minded biases.
thank biden
Scrivi qui i tHow good are Democrats at destroying economies for poor and slaves? from 1 to 100 .... 100!!
Thanks to Grandpa Biden for destroying it all !
Aggressive Fed would have unintended results helping Putin.Is it what Fed wants?
Scrivi qEvery day an excuse ... the truth is that they are deliberately destroying everything to impoverish society.ui i tuoi pensieri
usa has gone mad, there is no such foolish policy maker anywhere in the world
new homeless very many
Everyone here should work at FED it seems...
No more then 0.50 rate increase they know if they do more it will be recession & they cant control inflation either with that .inflation will be handle when there is enough supply
If you had your retirement in the matket still i feel bad for you. It’ll take years to recover once this is done!
If possible, i hope the interest rate hike is 1%.
Professionals and the talking heads want the Fed to be more aggressive and say the market will be more bullish with more aggressive hikes to combat inflation. Isn’t the market more fearful they aren’t being aggressive enough?
fed can't control oil &gas price...... doesn't required 75 bps or their will be recession....
Whst r u talking about?
usa has gone mad, there is no such foolish policy maker anywhere in the world
usa has gone mad, there is no such foolish policy maker anywhere in the world
What r u talking about?
Investors should have cashed out long ago.
making up stories for shameless manipulation.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.