US: Dow posts biggest one-day drop since Oct as recession fears take hold

[NEW YORK] Wall Street sold off sharply on Wednesday as recession fears gripped the market after the US Treasury yield curve temporarily inverted for the first time in 12 years.

Germany reported a contraction in second-quarter gross domestic product, and China's industrial growth in July hit a 17-year low."It was all negative and not much positive today," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana."We're outside of the earnings season and markets are being batted around by news.""It's a reactionary market right now and probably will continue to be," Mr Carlson added.

Over 300 of the S&P 500's components are down 10 per cent or more from their 52-week highs, according to Refinitiv data. More than 180 of those stocks have fallen more than 20 per cent from their 52-week highs, putting them in bear market territory. A US House of Representatives oversight panel called on Mylan NV and Teva Pharmaceutical Industries Ltd to turn over documents as part of a review into generic drug price increases.Facebook Inc slid 4.6 per cent on news that the European Union's lead regulator is investigating how the social media company handled data during the manual transcription of users' audio recordings.

Source: News Formal (newsformal.com)

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