Global markets trade lower on the rising economic uncertainties, deepening energy crisis in Europe, persistent lockdowns in China and rising rates in the U.S.
Homebuilders extended losses for the second cay after mortgage application volumed dropped by a third. Railroads declined ahead of a possible worker strike. Nucor lowered its earnings outlook.
Benchmark indexes plunged in a vicious sell-off after investors feared that the Federal Reserve may have to accelerate and enlarge the current rate hike regime.
Consumer prices rose at a slower pace in August but remained elevated driven by rising cost of food and shelter. Treasury yields surged and the stock sell-off deepened on the worries that high prices are rapidly spreading in the broader economy.
Stocks rebounded after trading down for weeks and investors factor higher rates and slower economic growth as a new backdrop for the business environment.
Investors remain skeptical of the Fed's ability in bringing down sky-high inflation, despite forceful reminders from the Fed Chair Powell. The U.S. economy is likely to be saddled with low growth for a decade ahead.
Stocks turned lower after hawkish comments from the Fed Chair Powell. Investors are still skeptical despite the Fed's persistent reiteration of its commitment in fighting high inflation.
The Nasdaq Composite index halted a 7-day slide and tech stocks rebounded after crude oil plunged. Oil prices plunged 6% and extended 10-day slide to 16% from its recent peak on Aug 29.
