US stocks plunge on recession fears after steep rate cuts by central banks

Pedestrians are reflected in a window of the Nasdaq MarketSite in New York, US, June 15 2022. Picture: MICHAEL NAGLE/BLOOMBERG

But rate hikes on Thursday from the central banks of Switzerland and Britain reignited fears that attempts by central banks to curb inflation could lead to sharply slower growth worldwide or a recession. According to preliminary data, the S&P 500 lost 121.87 points, or 3.22%, to end at 3,668.12 points, while the Nasdaq Composite lost 448.28 points, or 4.04%, to 10,650.88. The Dow Jones industrial average fell 727.65 points, or 2.37%, to 29,940.88.

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Rate cuts? 🤷‍♂️

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