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

AuthorLiz Moyer
Published 09/23/2022, 09:38 AM
Updated 09/23/2022, 10:27 AM
© Reuters.

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.

Latest comments

POWELL AROGATORY CHANTING IS CREATING MORE DAMAGE TO WORLD MARKETS THAN THE RATES INCREASE.
Powell will kill everything. Monkey is better than him.
I've said retrumplicans blame everything on Biden.  I guess they do the same to Powell.
Powell will kill everything. Monkey is better than him.
Powell will kill everything. Monkey is better than him.
The Kremlin is the one threatening nuclear holocaust.
And a balding orangutan is the one praising Putin.
TDS is real
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...
Nuclear war needed against dollar. cheating people of world by fed
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.
Jamie👍👍
Bruno,then which is the deep?
it's routine for wall Street fall every day
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.
No
FR threatend market too much without QT tapering. It already plundged enough and good chance to buy dip.
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.
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.
This administration give so much money to People without a job. Why should they go back to work?
Fear of slowdown? Assets have been hammered all year.
Fear didn't begin today.
That was the stock market, wait until the economic hits continue to pile in.
Good news of the day! Lets pray for bigger market crash. Down down down
Are you happy Powell?
What a dumpster fire. Thank you modern monetary theory. We are about to see what happens when you can't balance a check book. All these countries deficit spend like crazy and then leave us with the bill.
I have no intention of paying the bill through tax from their egregious fiscal malfeasance.
 "no intention of paying the bill" --   is an option well-used by one irresponsible ex-potus.
I think you mean ex-potuses...This is a Dem and Rep issue, not one sided. Fools think this is one sided.
Stocks and bonds getting crushed. There is no where to park money other than cash and even cash is losing value.
investment in india market
let's see now how Putin will finance it's war games.....time for west to bring oil to 20 USD
daro mat sep ke bad bhagega mrkt
Rigged bull biscuits.
Perma bulls are flat out getting wrecked. Unless you are looking at 40 years long term and dollar cost averaging, don't fight the trend. But it will be a buying opportunity later this year.
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