{"id":43310,"date":"2023-09-07T19:39:42","date_gmt":"2023-09-07T19:39:42","guid":{"rendered":"https:\/\/histarmar.net\/?p=43310"},"modified":"2023-09-07T19:39:42","modified_gmt":"2023-09-07T19:39:42","slug":"stock-market-plummets-as-recession-fears-grow","status":"publish","type":"post","link":"https:\/\/histarmar.net\/world-news\/stock-market-plummets-as-recession-fears-grow\/","title":{"rendered":"Stock market plummets as recession fears grow"},"content":{"rendered":"

<\/p>\n

The Nasdaq has fallen for the third day in a row, alongside the S&P 500, as stocks continue to be sold off.<\/p>\n

This comes amid concerns that central banks, namely the US Federal Reserve, will continue to raise interest rates this year.<\/p>\n

Rates have increased over the last 12 months as economies have attempted to control the impact of rampant inflation.<\/p>\n

For the third day this week, the Nasdaq Composite plummeted by 1.06 percent to close at 13,872.47, while the S&P 500 fell by 0.7 percent.<\/p>\n

In light of recent data and stock market data, experts are circling back to previous concerns about a likely recession.<\/p>\n

Read more… <\/strong> Recession looms in 2024 as services sector hit by rising interest rates<\/strong><\/p>\n

Bank of England increases interest rates to 5.25%<\/h3>\n

Companies most affected by this hit were Apple, which saw stocks drop by three percent, and Boeing stocks shed 0.37 percent.<\/p>\n

In response, US Treasury yields rose, weighing on risk assets again with the yield on the two-year Treasury note trading above the five percent level.<\/p>\n

As well as yesterday\u2019s yield rise, economic data from the US fuelled greater concerns over more interest rate increases in the world’s largest economy.<\/p>\n

The ISM service index\u2019s price component jumped by 58.9 percent for August which is the highest in four months.<\/p>\n

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On top of this, the ISM manufacturing index\u2019s price component rose to 48.4 percent in a reversal of recent trends.<\/p>\n

In light of this, experts are sounding the alarm that the Federal Reserve will likely choose to hike rates in a decision which could be mirrored by other central banks.<\/p>\n

Growing interest rates have many concerned about a potential recession being inadvertently triggered.<\/p>\n

A recession is defined as happening when a country experiences two consecutive quarters of negative economic growth.<\/p>\n

While the US and UK avoided this fate, other G7 economics like Germany have fallen into a technical recession.<\/p>\n

Speaking to CNBC, Vital Knowledge\u2019s Adam Crisafulli said: \u201cThe ISM reinforced all the concerns that have been bedevilling stocks for weeks \u2013 higher yields undercut stock valuations, robust growth [and] sticky inflation keep pressure on the Fed, healthy growth gives a further bid to oil.\u201d<\/p>\n

Sam Stovall, CFRA Research\u2019s chief investment strategist, added: \u201cEven though we keep hearing that we\u2019ll probably be in just a soft patch and not a recession, the more negative news that we get about the economy, the more I think people worry that we could actually fall into a recession.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Nasdaq has fallen for the third day in a row, alongside the S&P 500, as stocks continue to be sold off. 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