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U.S. Stocks Tumble on Fear of Global Economic Slowdown

Stock Markets Sep 23, 2022 10:27AM ET
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By Liz Moyer

Investing.com -- U.S. stocks tumbled in early trading, with the Dow breaching below 30,000, on increased worry about a global economic slowdown.

At 10:23 ET (14:23 GMT), the Dow Jones Industrial Average was down 424 points, or 1.4%, while the S&P 500 was down 1.7% and the NASDAQ Composite was down 1.9%.

The Dow has fallen in recent days as investors worry about damage from the Fed’s aggressive rate moves, approaching the level of its recent June lows. The S&P and Nasdaq are in a bear market, which means they’ve both fallen 20% or more from their recent highs. 

U.S. private sector activity fell in September but contractions in both the manufacturing and service industries eased. S&P Global's monthly flash composite purchasing managers' index rose to 49.3, a three-month high. 

Meanwhile, Fed Chair Jerome Powell, who spoke publicly at a press conference on Wednesday, is again set to appear today at 14:00 ET (18:00 GMT) for a virtual event about transitioning to a new post-pandemic economy.

Cautious forecasts from companies such as FedEx Corporation (NYSE:FDX) haven’t helped sentiment. The logistics giant is raising prices an average of 6.9% as it experiences a global slowdown in shipping volume.

Growth stocks are being particularly hard-hit, with Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and others lower in early trading.

Costco Wholesale Corp (NASDAQ:COST) shares fell 2.3% after the warehouse club said margins narrowed from last year, with higher shipping and labor costs.

Oil plunged. Crude Oil WTI Futures was down 5.6%, to $78.75 a barrel, while Brent Oil Futures crude was down 4.8%, to $86.08 a barrel. Gold Futures fell 1.7% to $1652 an ounce.

U.S. Stocks Tumble on Fear of Global Economic Slowdown
 

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Comments (19)
RAMAKRISHNA RAO VENGALA
RAMAKRISHNA RAO VENGALA Sep 23, 2022 12:35PM ET
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POWELL AROGATORY CHANTING IS CREATING MORE DAMAGE TO WORLD MARKETS THAN THE RATES INCREASE.
승민 양
승민 양 Sep 23, 2022 11:53AM ET
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Powell will kill everything. Monkey is better than him.
First Last
First Last Sep 23, 2022 11:53AM ET
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I've said retrumplicans blame everything on Biden.  I guess they do the same to Powell.
승민 양
승민 양 Sep 23, 2022 11:53AM ET
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Powell will kill everything. Monkey is better than him.
승민 양
승민 양 Sep 23, 2022 11:53AM ET
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Powell will kill everything. Monkey is better than him.
First Last
First Last Sep 23, 2022 11:53AM ET
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The Kremlin is the one threatening nuclear holocaust.
First Last
First Last Sep 23, 2022 11:53AM ET
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And a balding orangutan is the one praising Putin.
Stephen Fa
Stephen Fa Sep 23, 2022 11:53AM ET
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First Last TDS is real
Bruno Diaz
Bruno Diaz Sep 23, 2022 10:58AM ET
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Everything has a Time, Buy the Dip when It's Time to Buy the Dip, But don't fall in the trap, this Will fall at least another 20%, This Is Far from the Dip Yet...
Bhagwan Dass
Bhagwan Dass Sep 23, 2022 10:57AM ET
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Nuclear war needed against dollar. cheating people of world by fed
jamie
jamie Sep 23, 2022 10:48AM ET
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FR wants panic sell in market? It is already shaking the market. Buy the dip. Inflation is already peaked out and policy impact has lag time. BuyDip.
Bruno Diaz
Bruno Diaz Sep 23, 2022 10:48AM ET
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This Is not the Dip Honey!
rajesh vairale
rajesh vairale Sep 23, 2022 10:48AM ET
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Jamie👍👍
rajesh vairale
rajesh vairale Sep 23, 2022 10:48AM ET
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Bruno,then which is the deep?
drgirish kullolli
drgirish kullolli Sep 23, 2022 10:48AM ET
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it's routine for wall Street fall every day
FMGK Blue
FMGK Blue Sep 23, 2022 10:45AM ET
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The fear is not about the FED or the global slowdown that it could trigger. The fear is about Putin ready to nuke Europe out of the map. Let that sink in and what do you want to hold in that context? USD .... cash.
Cody Hawkins
Cody Hawkins Sep 23, 2022 10:45AM ET
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jamie
jamie Sep 23, 2022 10:41AM ET
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FR threatend market too much without QT tapering. It already plundged enough and good chance to buy dip.
hsu mel
hsu mel Sep 23, 2022 10:40AM ET
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Before ending inflation, Fed kill economy worldwide first. smart arss. world recession is better than inflation ? This Inflation by all means Is caused by the shortage of resource, of wheat and oil because of the war and abnormal weather and pandemic. Fed is trying to kill a headache by chopping his head off。 Freaking smart.
Jurgen Daub
Jurgen Daub Sep 23, 2022 10:40AM ET
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you guys need to decide what you want, higher inflation or higher interest rates. you can't eat the cake an still have it. silly opinions changing like changing shirts.
hsu mel
hsu mel Sep 23, 2022 10:40AM ET
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This administration give so much money to People without a job. Why should they go back to work?
 
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