Pedestrians pass by the Hong Kong Stock Exchange electronic screen in Hong Kong, Wednesday, April 26, 2023. Asian shares are trading mostly lower, as worries about the health of global economies grew after a tumble on Wall Street despite some better-than-expected earnings reports. – Global shares were mostly lower Wednesday as worries about the global economy flared after a tumble on Wall Street despite some better-than-expected earnings reports.
On Wall Street on Tuesday, the S&P 500 fell 1.6%, breaking out of a weekslong lull. The Dow Jones Industrial Average dropped 1%, while the Nasdaq composite sank 2% to 11,799.16.Looking ahead, forecasts are for the worst drop in S&P 500 earnings since the spring of 2020, when the pandemic froze the global economy. So Wall Street is focused just as much, if not more, on what companies say about their future prospects as what they say about the past three months.
The Federal Reserve meets next week and may raise interest rates at least one more time before pausing.
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