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.
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.
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.
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