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Stocks fall as US data supports recession fears; give in

Stocks fall as US data supports recession fears;  give in

 


  • US stocks down in early trading
  • Treasury yields slide for third straight day
  • Oil falls on uncertainty over future OPEC+ production

NEW YORK, June 30 (Reuters) – Shares on global indices were down sharply on Thursday and Treasury yields fell after U.S. data showed consumer spending rose less than expected in May amid pressures on prices were still strong enough to leave the Federal Reserve on its aggressive policy. -clamping path.

The U.S. benchmark S&P 500 index (.SPX) was set to record its worst first half since 1970, while the MSCI gauge of stocks across the world (.MIWD00000PUS) was set to record its worst first half on record.

Thursday’s Commerce Department report showed consumer spending in the United States rose less than expected in May and suggested inflation had likely peaked, while rising prices forced cuts in some purchases. Read more

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Rising interest rates and tight financial conditions fueled fears of a recession.

“Inflation is not something we don’t have to worry about anymore. It’s expected to be with us for a while,” said Sam Stovall, chief investment strategist at CFRA. At New York.

Central bank chiefs from the US Federal Reserve, European Central Bank and Bank of England met in Portugal this week and expressed their renewed commitment to controlling inflation, however painful it may be. cause.

The Dow Jones Industrial Average (.DJI) fell 247.64 points, or 0.8%, to 30,781.67, the S&P 500 (.SPX) lost 26.34 points, or 0.69%, to 3,792.49 and the Nasdaq Composite (.IXIC) fell 103.29 points, or 0.92%, to 11,074.60.

Year-to-date, the S&P 500 has lost about 20%, its worst first half since 1970.

The pan-European STOXX 600 index (.STOXX) lost 1.50% and the MSCI gauge of stocks across the world (.MIWD00000PUS) lost 0.95%.

The Fed’s aggressiveness and investors’ desire for liquidity in difficult times helped support the US dollar.

The dollar index fell 0.238%, with the euro up 0.27% at $1.0467.

In Treasuries, benchmark 10-year notes last rose 27/32 to 2.9944%, from 3.093% late Wednesday.

Oil prices fell as OPEC+ confirmed that it would only increase production in August to the extent previously announced. Read more

U.S. crude recently fell 2.79% to $106.72 a barrel and Brent to $115.16, down 0.95% on the day.

Spot gold fell 0.3% to $1,812.43 an ounce.

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Reporting by Caroline Valetkevitch in New York Additional reporting by Thomas Wilkes in London and Wayne Cole in Sydney and Amruta Khandekar Editing by Gareth Jones and Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/markets/europe/global-markets-wrapup-1-pix-2022-06-30/

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