⚠️BREAKING: *U.S. STOCKS PLUNGE AS FEDEX WARNING STOKES SLOWDOWN FEARS - 🇺🇸🇺🇸
All of the 11 S&P sectors declined in early trading, led by a 2.5% fall in the industrial sector. The Dow Jones Transport Average Index slid 5.8%.
"We have seen rising concern about higher yields, and slowing growth and recession risk is something that is weighing on sentiment. So, we would not be surprised to see the equity market retest its lows," Dowding said. The U.S. Federal Reserve is widely expected to deliver the third straight 75-basis-point rate hike at its meeting next week after recent data failed to alter the expected course of aggressive policy tightening.
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