The new date is Jul 14, 2022.
The stock market plummeted on Thursday as several big banks kicked off earrings season with disappointing results and warnings about the economy, while investors continued to worry that surging inflation will force the Federal Reserve to hike interest rates at a faster clip than previously expected.
The markets have been gripped by recession fears.
The S&P 500 lost 1.9% and the tech-laden Nasdaq lost 1.7% as the stock market continued to lose ground.
The consumer price index report showed that inflation increased to 9.1% in June from 8.6% in May.
Markets are betting that the latest inflation data will lead the Federal Reserve to raise interest rates, with some traders now expecting a 100 basis point rate hike at the central bank's upcoming meeting later this month
The firm's shares fell over 3% after it reported a decline in profits due to a build up of credit reserves.
Morgan Stanley's CEO blamed a more volatile market environment for the company's disappointing results.
The mood in the market is gloomy with investors still analyzing the red-hot inflation report and the overwhelming quarterly results from several big banks.
Craig Erlam, senior market analyst at Oanda, says that central banks are left with little alternative but to tighten aggressively into the recession. It's now a coin toss between a 75 and 100 basis points hike in two weeks after yesterday's disappointing inflation data.
Major Wall Street banks have slashed market forecasts and warned of a slowing of corporate earnings. Bank of America lowered its S&P 500 price target on Thursday to 3,600 from 4,500, a decline of 5%. Evercore ISI has slashed targets recently.
The index fell after the inflation report added to fears of a recession.
Inflation spiked in June, hitting a new 40-year high.
Wall Street Firms Slash S&P 500 Price Targets.
The S&P 500 lost over 1% as investors braced for the upcoming earnings season.
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