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US stocks fall amid recession fears

23/09/2022 02:17 PM

NEW YORK, Sept 23 (Bernama) -- US stocks dropped on Thursday as investors had mounting fears that the Federal Reserve's aggressive policy tightening could tip the economy into a recession, reported Xinhua.

The Dow Jones Industrial Average decreased 107.10 points, or 0.35 per cent, to 30,076.68. The S&P 500 declined 31.94 points, or 0.84 per cent, to 3,757.99. The Nasdaq Composite Index was down 153.38 points, or 1.37 per cent, to 11,066.81.

Nine of the 11 primary S&P 500 sectors ended in red, with consumer discretionary and financials down 2.16 per cent and 1.66 per cent, respectively, leading the laggards. The health care and the communication services groups eked out modest gains.

The Fed on Wednesday delivered a third consecutive 75-basis-point hike this year and signalled more jumbo rate hikes ahead in a bid to stifle rampant inflation.

The move "was in line with our view that the Fed will remain hawkish until there are clear signs that inflation is moving back to its target, even if that undermines growth", UBS analysts said Thursday in a note.

On the economic front, US initial jobless claims, a rough way to measure layoffs, increased by 5,000 to 213,000 for the week ending Sept 17, the Department of Labour reported on Thursday. Economists polled by The Wall Street Journal had forecast new claims to total 214,000.  

Meanwhile US-listed Chinese companies traded mostly lower on Thursday with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

Shares of BeiGene and Yum China Holdings slipped 3.24 per cent and 2.94 per cent, respectively, leading the laggards in the top 10 stocks.

Shares of Li Auto and Group rose 4.89 per cent and 4.79 per cent, respectively, leading the gainers in the index.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, dipped 2.29 per cent to 27.35.

As of Wednesday, the S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 2,472.42, marking a 10.37-per cent decrease for the month-to-date returns and a 16.99-per cent loss for the year-to-date returns.



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