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Wall Street tumbles as weak consumer confidence stokes growth worries

US consumer confidence tumbles in June; Disney rises as Shanghai's Disneyland theme park to reopen; Nike slips on downbeat quarterly revenue forecast

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City (Photo: Reuters)

Reuters
Wall Street's main indexes tumbled in midday trading on Tuesday as a sharp drop in consumer confidence brought to the fore growth risks from rising inflation.

The Dow Jones Industrial Average and the S&P 500 shed the initial gains from a rise in bank shares as the latest batch of economic data raised doubts on the U.S. economy's resilience to withstand hefty interest rate hikes from the Federal Reserve.

The consumer confidence index dropped 4.5 points to a reading of 98.7 in June, a Conference Board survey showed, as consumers anticipated economic growth would weaken significantly in the second half of the

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First Published: Jun 28 2022 | 11:15 PM IST

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