S&P 500, Nasdaq slide as weak economic data, dire outlooks stoke recession fears

0
25
  • Snap Inc tumbles, profit fears hit rival social media cos
  • Abercrombie & Fitch slumps after lowering revenue outlook
  • Indexes: Dow up 0.15%, S&P down 0.81%, Nasdaq slides 2.35%

NEW YORK, May 24 (Reuters) – The S&P 500 and the Nasdaq finished in the red on Tuesday as worries that aggressive moves to curb decades-high inflation might tip the U.S. economy into recession dampened investors’ risk appetite.

All three major U.S. stock indexes pared their losses in afternoon trading, with the blue-chip Dow turning positive. Even so, the S&P 500 ended just 2.2 percentage points above confirming it has been in a bear market since reaching its all-time high on Jan. 3.

“As we step back and acknowledge the primary market catalysts, it’s really been about the Fed pivot and the change in interest rates, which have influenced prices across the capital markets,” said Bill Northey, senior investment director at U.S. Bank Wealth Management in Helena, Montana.

Register now for…

Read more…