The new date is Jun 9, 2022.
As recession fears continued to weigh on markets and investors nervously looked ahead to a closely- watched consumer price index reading due Friday, with ongoing concern that inflation could come in higher than expected, stocks plummeted on Thursday.
The consumer price index reading is scheduled for Friday.
The stock market fell for a second day in a row, with the S&P 500 dropping 2.5% and the tech-laden Nasdaq losing 2.5%.
The markets moved lower early in the day after weekly jobless claims hit 229,000, the highest level since January, though continuing claims were unchanged at 1.3 million, signaling that companies are still hiring.
Expectations that inflation will grow 8.4% from a year ago, compared to 8.3% in April and 8.5% in March, caused investor sentiment to fall.
Oanda senior market analyst Edward Moya says that stocks are tanking because of growing nervousness that tomorrow's consumer price index data will show inflation isn't near peaking.
Tech giants Meta and Amazon were two of the market's biggest decliners on Thursday.
Despite an upgrade of the stock to a "BUY" rating and predictions of upside of more than 50%, shares of the electric-vehicle maker fell 1%.
The rise in initial claims is not a sign of a recession according to Bill Adams. During the previous expansion, the four-week moving average of initial claims rose from trend by the same amount in each of the last three years.
The stock market hit a low point last month. The markets finished slightly lower last week and are down again this week, which would be the tenth losing week in a row for the DOW. The S&P 500 is on track for its ninth negative week of the year. The Federal Reserve is expected to raise interest rates by half a point at its policy meeting this month, with investors worried that high inflation will lead to a recession.
"Inflation concerns have caused extremely negative sentiment readings and it's hard to imagine these readings getting too much worse as there's a floor in terms of how low they can go." This would suggest a higher likelihood of positive surprises (lower rate of inflation) than downside surprises at this point, and any cooling on the inflation front should result in a bounce-back for sentiment.
Treasury yields surge as experts warn of a hard economic landing.
Analysts say that the stock can jump another 50% in the years to come.
According to these experts, the economy may be slowing, but recession fears are overblown.
Exxon Mobil shares hit an all-time high as oil and gas prices keep rising.
All Rights Reserved © 2024
