U.S. Stocks Tumble on Fear of Global Economic Slowdown

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U.S. Stocks Tumble on Fear of Global Economic Slowdown
Credit: © Reuters.

By Liz Moyer

Investing.com -- U.S. stocks tumbled in early trading, with the Dow breaching below 30,000, on increased worry about a global economic slowdown.

At 9:40 ET (13:40 GMT), the Dow Jones Industrial Average was down 279 points, or 0.9%, while the S&P 500 was down 1% and the NASDAQ Composite was down 1%.

The Dow has fallen in recent days as investors worry about damage from the Fed’s aggressive rate moves, approaching the level of its recent June lows. The S&P and Nasdaq are in a bear market, which means they’ve both fallen 20% or more from their recent highs. 

Meanwhile, Fed Chair Jerome Powell, who spoke publicly at a press conference on Wednesday, is again set to appear today at 14:00 ET (18:00 GMT) for a virtual event about transitioning to a new post-pandemic economy.

Cautious forecasts from companies such as FedEx Corporation (NYSE: FDX ) haven’t helped sentiment. The logistics giant is raising prices an average of 6.9% as it experiences a global slowdown in shipping volume.

Growth stocks are being particularly hard-hit, with Apple Inc (NASDAQ: AAPL ), Microsoft Corporation (NASDAQ: MSFT ) and others lower in early trading.

Costco Wholesale Corp (NASDAQ: COST ) shares fell 2.5% after the warehouse club said margins narrowed from last year, with higher shipping and labor costs.

Oil plunged. Crude Oil WTI Futures was down 5%, to $79.29 a barrel, while Brent Oil Futures crude was down 4.2%, to $86.53 a barrel. Gold Futures fell 1.5% to $1656 an ounce.

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