Recession looming? Stocks tumble worldwide amid bear market growls

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.

Thanks Biden

Let’s go Brandon

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

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: Coinbase, DocuSign, Microstrategy and moreHere are the stocks making headlines before the opening bell on Monday, June 13.
Source: CNBC - 🏆 12. / 72 Read more »

Japan Stocks Set to Start Lower; Markets in Australia Closed for HolidayMarkets in Australia are closed on Monday for a holiday.
Source: NBCDFW - 🏆 288. / 63 Read more »

These 19 large-cap stocks have now dropped at least 60% from their 52-week highsThe biggest losers in the stock market include DocuSign, PayPal, Netflix and Zoom Video Communications. Yes and JimC is bearish on those for now...especially PayPal. Debt is not being paid back so yeah pay later kinda not working.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks plunge as inflation soars at fastest pace in 4 decadesMay surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates. I believe Biden’s executive orders and policies are the real cause for this. Lgb
Source: CBSNews - 🏆 87. / 68 Read more »

Japan's Nikkei 225 Drops More Than 2% as Asia Stocks SlipJapan Stocks Set to Start Lower; Markets in Australia Closed for Holiday
Source: nbcchicago - 🏆 545. / 51 Read more »