The new date is Sep 29, 2022, 01:45pm.
As investors backed off of Wednesday's cautious optimism, the stock market tanked Thursday morning.
The New York Stock Exchange has traders working on it.
The S&P 500 fell 2% while the tech-laden Nasdaq fell 2.8%.
Several other economic indicators, including surging mortgage rates, a declining U.S. economy and the British government digging into its controversial economic policy further spooked investors after employment data revealed a tighter than expected labor market.
Jeffrey Roach said that labor market conditions will likely keep the Fed on track to tighten monetary policy.
Year-to-date, the index is down over 20%.
The S&P fell across all sectors, but technology giants like Apple, Meta, and Amazon were among the worst performers.
Apple dipped after Bank of America lowered its rating of the company from buy to neutral due to concerns about lagging demand as the company heads into the iPhone 14 cycle.
The data released by the Department of Labor shows that initial jobless claims fell to 193,000 last week, the lowest level in five months. Considering the correlation between inflation and unemployment, a tighter labor market is considered justification for further rate hikes. The labor market is out of balance, according to the Fed chair. The final estimate from the Bureau of Economic Analysis shows that the U.S. economy contracted in the second quarter of 2022, marking the second straight quarter of negative growth.
There was a 6.7% increase. Freddie Mac said the 30-year fixed mortgage rate was the highest it had been in over two years. The mortgage rates have gone up from a month ago.
"For a more sustained rally, investors will need to see convincing evidence that inflation is coming under control."
The economy has a technical recession.
The stock market is up as investors shake off recession fears.
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