Stock Market Selloff Intensifies: Dow Falls 350 Points After Big Bank CEO Warns Of ‘Bumpy Times Ahead’

The stock market extended an early week selloff on Tuesday as fears of an impending recession intensified with big bank CEOs warning of tougher economic times ahead and companies continuing to announce job cuts—pushing major indexes closer to their yearly lows....

Stock losses got worse throughout the day, as sentiment waned after JPMorgan CEO Jamie Dimon on CNBC warned consumer spending will likely weaken next year and a similarly bearish call from Goldman Sachs CEO David Solomon, who told Bloomberg the gloomy economic outlook likely meant there are"some bumpy times ahead."

Solomon alluded to potential job cuts at Goldman, saying economic uncertainty requires that firms"be a little more cautious" with financial resources, including a company's"sizing and footprint." Another big bank took it a step further: Less than a week after CEO James Gordon warned “some people are going to be let go,” Morgan StanleyThough employment reports have continued to show strength in the labor market, layoff announcements are"becoming more noticeable," Oanda analyst Ed Moya wrote in a Tuesday email, blaming the announcement from Morgan Stanley and another from"The outlook is clearly darkening and that has many traders scaling down their risky bets," says...

A bumpy ride for shareholders where they possibly have fluctuating earnings throughout the year. Not necessarily less earning!

Thank a Democrat

We’re all slaves to this system.. Its so easy to manipulate it to keep the poor on panic alert and keep the wealthy laughing 😆

Only 350? I need a better sale then that.

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