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Friday, September 16, 2022

Wall Street tumbles amid Fed tightening jitters, economic rumblings

MM Online:

Wall Street tumbles amid Fed tightening jitters, economic rumblings



The sell-off gathered momentum toward the end of the session, with market leaders including Microsoft Corp, Apple Inc and Amazon.com Inc hitting the tech-laden Nasdaq hardest. — AFP pic

Friday, 16 Sep 2022 7:35 AM MYT



NEW YORK, Sept 16 — Wall Street ended sharply lower yesterday, extending its losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession.

The sell-off gathered momentum toward the end of the session, with market leaders including Microsoft Corp, Apple Inc and Amazon.com Inc hitting the tech-laden Nasdaq hardest.

After the bell, FedEx Corp tumbled 14.5 per cent after the package delivery company said its fiscal first-quarter results were hit by global volume softness and it withdrew its financial forecast, saying it expected further deterioration of business conditions.

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