Dow Jones futures rose modestly overnight, along with S&P 500 futures and Nasdaq futures, with Adobe reporting earnings after the close. The stock market plunged to new lows Thursday, wiping out Wednesday’s initial Fed-led rally and then some as recession fears mount.
New reports out Thursday pointed to a rapidly cooling economy, but the Federal Reserve is focused on hot inflation that will be hard to bring down.
Stock Market Thursday
The stock market sold off hard at the open and extended losses, with all the key indexes hitting 52-week lows. The Dow Jones Industrial Average slumped 2.4% in Thursday’s stock market trading. The S&P 500 index plunged 3.25%. The Nasdaq composite dived 4.1%. The small-cap Russell 2000 crumbled 4.6%.
U.S. crude oil prices rose 2% to $117.58 a barrel, amid fresh U.S. sanctions vs. Iran’s petrochemical industry.
The 10-year Treasury yield skidded 8 basis points to 3.31%. The 2-year yield tumbled 12 basis points to 3.16%. Treasury yields have swung wildly in recent days, with investor focus shifting back and forth between inflation and recession risks.
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