Stocks plunge in early trading on Friday

US stocks fell sharply in early trading on Friday, continuing a week-long slide fueled by inflation and recession fears. The Dow Jones Industrial Average fell more than 400 points shortly after the opening bell, falling below 30,000 points for the first time since June.

About half an hour into the trading session, the Dow Jones index fell 425.83 points, or 1.42%, to 29.65085. The S&P 500 fell 68.14 points, or 1.81%, to 3,689.85 and the Nasdaq Composite fell 224.14 points, or 2.03%, to 10,836.07.

It was the fourth straight day that all three indexes declined.

The US Federal Reserve raised interest rates by 0.75% for the third time in a row on Wednesday. The central bank said raising interest rates was necessary to stifle inflation. However, some Wall Street analysts and investors fear the Fed’s moves are too aggressive and could cause an economic downturn.

“Based on our client engagements, a majority of equity investors believe that a hard landing scenario is inevitable and their focus is on the timing, magnitude and duration of a potential recession and investment strategies for those prospects,” Goldman Sachs said. David Kostin wrote in a note to clients.

Some of the tech stocks that fell were Apple (AAPL), which traded at $150.37, down $2.77 or 1.57%; and Qualcomm (QCOM) stock price fell $3.36, or 2.72%.

https://www.ibtimes.com.au/wall-street-today-stocks-tumble-fridays-early-trading-1838694?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Stocks plunge in early trading on Friday

Fry Electronics Team

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