- September 23, 2022
- Posted by: Stratford Team
- Category: Economy
Stocks fell for a second session on Thursday following the Federal Reserve’s aggressive rate hike, as investors increasingly fear the central bank will push the economy into a recession as it battles to curb rising inflation.
The S&P 500 traded 0.3% lower, and slumped to its lowest level since mid-July. The Nasdaq Composite slid 0.86%. The Dow Jones Industrial Average traded flat.
Bond yields surged again on Thursday, with the yields on the 10-year and 2-year Treasury notes hitting fresh multiyear highs.
The Dow dropped 500 points on Wednesday as the Fed maintained its aggressive stance, enacting another 75 basis point hike and predicting bringing short-term rates as high as 4.4% by the end of 2022. Other central banks worldwide followed the Fed’s lead, implementing their own sizeable hikes overnight despite potential repercussions for the economy.
Growth-oriented tech stocks and semiconductors took a leg lower on Thursday amid fears of slowing economic…
