Stocks open sharply lower on Wall Street following losses in Europe, bond market signals possible recession. The Dow Jones was down as much as 400 points.
Stocks are opening sharply lower on Wall Street following big losses in Europe after German’s economy shrank in the second quarter and as the U.S. bond market flashed a warning about a possible recession.U.S. government bond prices continued to soar as investors sought safety, briefly pushing a key yield below a threshold that has correctly predicted recessions in the past.The S&P 500 lost 39 points, or 1.3%, to 2,887. The Nasdaq lost 1.5% to 7,894.
The yield on 10-year Treasury briefly fell below the yield on the 2-year note, which has correctly predicted previous U.S. recessions.
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