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Stock Market Today: Dow Bears Sharpen Claws as Recession Fever Spikes

By Yasin Ebrahim AiVIF.com -- The Dow closed sharply lower on the week and briefly fell into bear-market territory Friday as investors fret about the potential of a deeper and...
Stock Market Today: Dow Bears Sharpen Claws as Recession Fever Spikes © Reuters.
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By Yasin Ebrahim

AiVIF.com -- The Dow closed sharply lower on the week and briefly fell into bear-market territory Friday as investors fret about the potential of a deeper and darker recession amid growing worries that the Federal Reserve will overshoot on rate hikes.

The Dow Jones Industrial Average fell 1.6%, or 486 points, and fell into bear-market territory intraday as losses exceeded 20% from the January peak. The S&P 500 fell 1.7% to close at its lowest level since June. The Nasdaq slipped 1.8%.

Energy slumped 6%, pressured by a surge in the dollar and worries that a deeper global recession will hurt energy demand.

Marathon Petroleum Corp (NYSE:MPC), Occidental Petroleum Corporation (NYSE:OXY), and Kinder Morgan Inc (NYSE:KMI) were down each down more than 4%.

Fears of a recession have intensified this week after the Federal Reserve chairman Jerome Powell signaled that the central bank would remain on-mission to curb inflation at the expense of economic growth. The Fed pushed its rate hike forecast to 4.4% for 2022, up from 3.4% previously, signaling further jumbo-sized hikes ahead.  

With the Fed hiking rates into a slowing economy in which inflation is still well above trend, Morgan Stanley warned that weakness in economic activity will be more broadly spread. The bank cut its U.S. growth forecast to 0% in 2022 from 0.2% previously and its 2023 forecast to 0.5% from 1.3% previously.

The Dow was also dragged lower by a more than 5% plunge in Boeing (NYSE:BA) after the aerospace company said it had reached a $200 million settlement on charges it misled investors about the 737 Max crashes.

Consumer stocks, which are also acutely vulnerable to slowing economic growth, fell more than 2% as investors priced in softer consumer spending. Amazon (NASDAQ:AMZN) slipped more than 3%, while travel and leisure stocks deepened their losses for the week, with cruise line and casino stocks coming under heavy pressure.

Tech stocks also played a big role in the broader market meltdown.

Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:META), Alphabet Inc (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT) were down more than 1%.

FedEx (NYSE:FDX), meanwhile, fell more than 3% as Wall Street cast doubt on whether the shipping giant's cost-saving measures will be enough to offset falling shipping volumes and higher inflation. The company released fiscal first-quarter results that fell short of estimates, but announced plans to ramp up shipping rates and generate total cost savings of $2.2 billion to $2.7 billion.

The "cost saving numbers, while impressive on a headline basis, is likely not nearly enough in the context of high inflation and declining volumes," Deutsche Bank said in a note.

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03-10-2022 17:47:55 (UTC+7)

EUR/USD

0.9773

-0.0026 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

EUR/USD

0.9773

-0.0026 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

GBP/USD

1.1199

+0.0039 (+0.34%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

USD/JPY

145.10

+0.35 (+0.25%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6446

+0.0044 (+0.69%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (6)

USD/CAD

1.3765

-0.0061 (-0.44%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

EUR/JPY

141.81

-0.03 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

EUR/CHF

0.9672

+0.0002 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

Gold Futures

1,671.85

-0.15 (-0.01%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (8)

Silver Futures

19.370

+0.331 (+1.74%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Copper Futures

3.3665

-0.0460 (-1.35%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Crude Oil WTI Futures

82.65

+3.16 (+3.98%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

88.34

+3.20 (+3.76%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (6)

Natural Gas Futures

6.547

-0.219 (-3.24%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (5)

US Coffee C Futures

220.28

-1.27 (-0.57%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

Euro Stoxx 50

3,289.65

-28.55 (-0.86%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (6)

S&P 500

3,585.62

-54.85 (-1.51%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

DAX

12,028.25

-86.11 (-0.71%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (5)

FTSE 100

6,848.40

-45.41 (-0.66%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (9)

Hang Seng

17,079.51

-143.32 (-0.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,667.27

-7.66 (-0.46%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

IBEX 35

7,351.00

-15.80 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

BASF SE NA O.N.

40.133

+0.533 (+1.35%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Bayer AG NA

47.52

+0.11 (+0.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

160.08

-1.72 (-1.06%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

Adidas AG

116.24

-2.64 (-2.22%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Lufthansa AG

5.561

-0.357 (-6.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (9)

Siemens AG Class N

98.74

-2.46 (-2.43%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (7)

Deutsche Bank AG

7.393

-0.253 (-3.31%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (4)

Sell (0)

    EUR/USD 0.9773 ↑ Sell  
    GBP/USD 1.1199 Neutral  
    USD/JPY 145.10 ↑ Buy  
    AUD/USD 0.6446 Sell  
    USD/CAD 1.3765 ↑ Buy  
    EUR/JPY 141.81 ↑ Sell  
    EUR/CHF 0.9672 Neutral  
    Gold 1,671.85 Sell  
    Silver 19.370 Sell  
    Copper 3.3665 ↑ Sell  
    Crude Oil WTI 82.65 ↑ Sell  
    Brent Oil 88.34 ↑ Sell  
    Natural Gas 6.547 ↑ Sell  
    US Coffee C 220.28 Neutral  
    Euro Stoxx 50 3,289.65 Neutral  
    S&P 500 3,585.62 ↑ Sell  
    DAX 12,028.25 Neutral  
    FTSE 100 6,848.40 Neutral  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,667.27 ↑ Sell  
    IBEX 35 7,351.00 ↑ Buy  
    BASF 40.133 ↑ Sell  
    Bayer 47.52 ↑ Sell  
    Allianz 160.08 ↑ Sell  
    Adidas 116.24 ↑ Sell  
    Lufthansa 5.561 ↑ Sell  
    Siemens AG 98.74 Sell  
    Deutsche Bank AG 7.393 Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,540/ 6,620
(30/ 10) # 1,800
SJC HCM6,520/ 6,620
(-20/ -20) # 1,802
SJC Hanoi6,520/ 6,622
(-20/ -20) # 1,804
SJC Danang6,520/ 6,622
(-20/ -20) # 1,804
SJC Nhatrang6,520/ 6,622
(-20/ -20) # 1,804
SJC Cantho6,520/ 6,622
(-20/ -20) # 1,804
Cập nhật 03-10-2022 17:47:58
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ↀ Giá vàng thế giới
$1,664.60 +0.3 0.02%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V22.12022.560
RON 95-III21.44021.860
E5 RON 92-II20.73021.140
DO 0.05S22.20022.640
DO 0,001S-V24.18024.660
Dầu hỏa 2-K21.68022.110
ↂ Giá dầu thô thế giới
WTI $82.12 -0.49 -0.60%
Brent $87.92 -0.31 -0.35%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.730,0024.040,00
EUR22.844,1424.122,55
GBP25.913,3127.017,45
JPY160,53169,94
KRW14,3417,48
Cập nhật lúc 16:19:56 03/10/2022
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