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Recession looming? Stocks tumble worldwide amid bear market growls

  • 📰 ABC7NY
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Wall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from its record, amid fears that a recession is more likely given how unshakeable inflation has become.

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.

 

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Thanks Biden

Let’s go Brandon

Rohit Chopra 🔽 the man pictured below keeps telling Joe Biden there's no inflation or recession.

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