Shares of Cisco slumped 13.7% after the networking gear maker lowered its 2022 revenue growth outlook, taking a hit from its Russia exit and component shortages related to COVID-19 lockdowns in China.“The reality is that inflation is running hot and interest rates are rising,” said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, Minnesota.
Kohl’s Corp became the latest retailer to flag a hit from four-decades high inflation as the department store chain cut its full-year profit forecast. Goldman Sachs strategists predicted a 35% chance of the US economy entering a recession in the next two years, while the Wells Fargo Investment Institute expects a mild US recession at the end of 2022 and early 2023.The Nasdaq declined 0.26% to 11,388.50 points, while the Dow Jones Industrial Average declined 0.75% to 31,253.13 points.
Canada Goose Holdings Inc jumped almost 10% after it forecast upbeat annual earnings, encouraged by strong demand for its luxury parkas and jackets.
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