Stocks decline in Asia, extending losses on Wall Street

People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Stocks are opening lower across the board on Wall Street, Tuesday, July 5, and crude oil prices are dropping again. Treasury yields also fell as traders continued to worry about the state of the economy Shares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under control, risking a sharp recession.

On Tuesday, the S&P 500 fell 1.4%, its fourth straight loss, to 3,941.26 and the tech-heavy Nasdaq sank 2%, to 11,014.89. Small company stocks also fell, pulling the Russell 2000 index 1.5% lower. The major indexes are on pace for a weekly loss after posting two straight weekly gains.Several companies made big moves following financial updates and buyout announcements.

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