Wall Street's main indexes tumbled on Friday, after a profit warning from global delivery bellwether FedEx spooked investors already worried about aggressive rate hikes from the Federal Reserve tipping the economy into a recession
All three major U.S. stock indexes slid to levels not touched since mid-July, with the S&P 500 closing below 3,900, a closely watched support level.
Staggering past the finish line of a week rattled by inflation concerns, looming interest rate hikes and ominous economic warning signs, the S&P 500 and the Nasdaq suffered their worst weekly percentage plunges since June."It’s been a tough week. It feels like Halloween came early," said David Carter, managing director at JPMorgan in New York. "We are facing in this toxic brew of high inflation, high interest rates and low growth, which isn’t good for stock or bond markets.
Risk-off sentiment went from simmer to boil in the wake of FedEx Corp's withdrawal of its earnings forecast late Thursday, citing signs of dampening global demand.
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