Wall Street Extends Losses.
London, Wednesday, 07 December 2022
On Wednesday, US stock futures that follow the broader market were down nearly 0.5%, setting Wall Street up to extend losses as worries about a prolonged rate-hike cycle and an impending recession seized over.
As the world's greatest economy struggles to cope with the twin shocks of high inflation and rising interest rates, the senior executives of America's largest corporations, including JPMorgan Chase CEO Jamie Dimon, are feeling increasingly pessimistic about the state of the economy.
Some euphoria regarding China's reopening has been tempered by the claim that the Federal Reserve's relentless tightening will cause the US economy to enter a recession in 2023.
In premarket trading, MongoDB, a company, increased by more than 25% as a result of better-than-anticipated third-quarter revenue and optimistic fourth-quarter projections.
Tuesday's normal trading saw declines in the Dow, S&P 500, and Nasdaq Composite of 1%, 1.4%, and 2%, respectively.
(Report by: The Decision Maker - Finance editors)