The US stocks closed sharply lower on Friday It reached its lowest level in two months after a warning from FedEx about the impact of the global slowdown fueled investors’ search for safer assets at the end of a turbulent week.
The Three major indices fell on Wall Street to levels not seen since mid-July. The S&P 500 closed below 3900 points, an important support threshold.
The The Standard & Poor’s 500 also suffered its largest weekly percentage decline Since June, worries about inflation, impending interest rate hikes and bleak signs surrounding the economic outlook have been weighed down.
Meanwhile, N.And “Sadaq” recorded its largest weekly decline since Januarywhile October 2020 was the last time the Dow Jones suffered such a sharp weekly decline.
“It’s been a tough week,” said David Carter, managing director at JPMorgan in New York. “Halloween seems to have come early.” “We are dealing with this toxic concoction of high inflation, high interest rates and low growth, which is not good for the stock or bond markets.”
And the risk-aversion sentiment shifted from seething to skyrocketing after that FedEx Corp. alerted its earnings forecast Thursday nightCiting signs of declining global demand.
FedEx’s move followed comments from the World Bank and the International Monetary Fund, both of which warned of an impending contraction in the global economy.
a A torrent of mixed economic data, Dominated by a higher-than-expected inflation report, it bolstered the case for the Federal Reserve to raise interest rates by at least 75 basis points at the end of next week’s federal policy meeting.
According to the concluding statements, Standard & Poor’s 500 It lost 27.03 points, or 0.69 percent, to 3,873.28 points. While the compound pointer Nasdaq It lost 103.60 points, or 0.90 percent, to 11,448.76 points. The Dow Jones Industrial Average It fell 143.94 points, or 0.46 percent, to 30,817.88 units.
Dow Jones’ transportation sector, seen as a measure of economic health, fell more than 5 percent, in a lower decline led by weakness in FedEx shares.