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Warning signs of a recession as US indices all take a sharp fall

  • Regular
  • US Market
  • 3 months ago
  • 49

Wall Street had a disastrous session as the major indices all fell by 3%, as yields of US and UK 10-year government bond yields dipped below those of shorter-maturity debt for the first time since the financial crisis.

Along with that below-par data from Germany and China hindered the situation, prompting the former Fed Chief Janet Yellen to claim that the likelihood of a recession is greater.

The DJIA fell by 3.05%, its largest margin since December 2018, while the S&P 500 which tumbled by 2.9% and the Nasdaq by 3.02%.

Bank stocks saw a sharp selloff as BoA shares fell by 4.6%, Citigroup shed 5.4% and even JPMorgan fell by 4.1%.

 

 

Source: Smart Trend Team