Wall Street falls and S&P index heads for worst first half since 1970 – 06/30/2022

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By Shreyashi Sanyal and Amrita Khandekar

(Reuters) – Major Wall Street indices fell on Thursday, leaving the S&P 500 on track for its worst first half since 1970, amid fears that central banks are determined to rein in inflation amid global economic growth. can derail. ,

Fears of slowing growth and rising prices have taken a toll on markets, with recession concerns in the headlines as policymakers around the world try to raise the cost of borrowing.

Federal Reserve Chairman Jerome Powell vowed on Wednesday not to allow the US economy to slip into a “high inflation regime”, even if it means raising interest rates to levels that put growth at risk.

The Nasdaq Composite is headed for the biggest decline on record during the first half, while the Dow Jones is expected to suffer the biggest percentage loss for the period since the financial crisis.

All three major indices are expected to fall for the second consecutive quarter for the first time since 2015.

Fed officials in recent days have raised expectations of a 0.75 percent increase in interest rates in July, even as economic data paints a picture of weakness for US consumers.

Growth stocks such as Microsoft Corp, Apple Inc, Amazon.com Inc and Tesla Inc fell between 2.6% and 5.2%, leading the day to decline.

At 11:57 ET, the Dow Jones Industrial Average was down 1.25% at 30,640.60, while the S&P 500 was down 1.72% at 3,753.25. The Nasdaq Composite Technology Index fell 2.32% to 10,918.53.

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About the author: Sarah Gracie

"Proud social media buff. Unapologetic web scholar. Internet guru. Lifelong music junkie. Travel specialist."

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