The S&P 500 was 2.7% lower in the first trading after investors had the weekend to reflect about a stunning report that showed inflation is getting worse, not better as some had hoped. The Dow Jones Industrial Average was down 625 points, or 2%, at 30,767, as of 9:40 a.m. Eastern time, and the Nasdaq composite was 3% lower.
No one thinks the Fed will stop there, with markets bracing for a continued series of bigger-than-usual hikes. Those would come on top of some already discouraging signals about the economy and corporate profits, including a record-low preliminary reading on consumer sentiment that was soured by high gasoline prices.
The 10-year yield jumped to 3.27% from 3.15%, and the higher level will make mortgages and many other kinds of loans for households and for businesses more expensive. In Asia, indexes fell at least 3% in Seoul, Tokyo and Hong Kong. Stocks there were also hurt by worries about COVID-19 infections in China, which could push authorities to resume tough, business-slowing restrictions.
Sell all of your stocks nowwwwww
Not just a recession folks. This will be another Great Recession and possible civil war. Our nation could collapse.
So the corporations price gouge to make a profit, drive up inflation, tank stock prices and then use their profits to buyback the now cheaper stocks…it’s all about the ultra-rich getting richer, everything else is just distraction, especially political finger-pointing
Since they've been calling for a recession for months, we are probably in it now. Remember, they always tell you what's coming.
and our government is sitting with smiles on their faces cause this is the plan
Recession? We'd be lucky if it was just that. We are being led into a Great Depression by our inept government.
Some stocks been down 80% since January.
BidenEffect