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

Stock Markets Jun 13, 2022 09:55AM ET
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© 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.

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

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Comments (20)
Kevin Freeman
Kevin Freeman Jun 13, 2022 2:40PM ET
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Thank the Fed for doing it's part in f@##ing up the global monetary system!
Abc Xyz
Abc Xyz Jun 13, 2022 2:33PM ET
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Hahaha... we still have deek holes here worship bidet.
First Last
First Last Jun 13, 2022 11:58AM ET
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I see some folks are blaming everything on Biden again.  They did that with Obama, too, and we got Trump.
First Last
First Last Jun 13, 2022 11:58AM ET
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Those people also give Trump credit for everything.  Both are signs of closed-minded biases.
Luki Paijo
Luki Paijo Jun 13, 2022 11:10AM ET
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thank biden
Devis Mazza
Gatto Jun 13, 2022 11:06AM ET
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Scrivi qui i tHow good are Democrats at destroying economies for poor and slaves? from 1 to 100 .... 100!!
Ricky Singh
Ricky Singh Jun 13, 2022 11:02AM ET
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Thanks to Grandpa Biden for destroying it all !
Kerry Ditto
Kerry Ditto Jun 13, 2022 10:54AM ET
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Aggressive Fed would have unintended results helping Putin.Is it what Fed wants?
Devis Mazza
Gatto Jun 13, 2022 10:50AM ET
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Scrivi qEvery day an excuse ... the truth is that they are deliberately destroying everything to impoverish society.ui i tuoi pensieri
Mahajan Nilesh
Mahajan Nilesh Jun 13, 2022 10:43AM ET
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usa has gone mad, there is no such foolish policy maker anywhere in the world
Omin Mukromin
Omin Mukromin Jun 13, 2022 10:42AM ET
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new homeless very many
 
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