NEW YORK, June 30 — US stocks tumbled today, setting the S&P 500 for its worst first six months since 1970, on concerns that central banks determined to tame inflation will hamper global economic growth.
The tech-heavy Nasdaq Composite was set for its largest declines ever during the first-half, while the Dow Jones Industrial Average was set for its biggest January-June percentage drop since the financial crisis. "People are raising cash going into earnings season," said Josh Wein, portfolio manager at Hennessy Funds.
A Commerce Department report showed core personal consumption expenditure price index in May was slightly below expectations, although consumer spending rose less than expected. Heading into the second half of the year, bruised markets will continue to focus on inflation, unemployment and interest rate increases along with their impact on corporate earnings.
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