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Wall Street tumbles on growing concerns over economic growth

S&P 500 index back at near two-year lows; airlines, cruises fall on cancellations due to Hurricane Ian; CarMax slumps on missing second-quarter expectations

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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 tumbled on Thursday on worries of a global economic downturn from aggressive central bank policy and fears that a rout in global currency and debt markets could spillover to stocks.

The Nasdaq fell 3% due to losses in megacap growth names such as Amazon.com Inc, Apple Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc . They were down between 3.09% and 6.25%.

The S&P 500 slipped to its lowest level since November 30, 2020, and was now set for a monthly decline of nearly 8%.

The benchmark index had recorded its first gain in seven sessions on Wednesday on easing

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sep 29 2022 | 8:01 PM IST

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