Prices of US stocks today (Tuesday) have fallen after the long holiday weekend, as investors re-expressed apprehensions about the possibility of an impending recession.
The Dow Jones Industrial Average was down 631 points (2%) at 10:29 AM ET. In addition, the S&P 500 was down 1.8% and the Nasdaq Composite fell 1%.
When it comes to economic statistics, this week is going to be a major one. All eyes are on Friday’s monthly nonfarm employment report from the government. Prior to that, investors will be able to review minutes from the Federal Reserve’s most recent policy meeting and look for any clues as to what the central bank plans to do to control inflation.
Regarding the outlook, there have been mixed indications coming from analysts. Credit Suisse dropped its year-end S&P 500 projection to 4,300 from 4,900 on Tuesday, but stated that a recession is unlikely to occur. Currently, the S&P 500 index is trading at 3,756 points.
Banking & Travel Sectors Under The Pump
The industries that generally benefit from economic growth have particularly been hit hard by the pessimism. Both the KBW Bank ETF and the U.S. Global Jets ETF (NYSE:JETS) were down 2.8% and 3.2%, respectively. Carnival Corporation (NYSE:CCL) dipped 4.5%, while Walmart Inc. (NYSE:WMT) was down 0.5%.
Key Stocks That Have Dipped
Among significant US stocks today that have fallen, Kohl’s Corp (NYSE:KSS) is worth a mention. Its shares have fallen a further 3.7% on Tuesday after already dipping 20% on Friday when the company announced that it had ended deal talks.
After Tesla Inc. (NASDAQ:TSLA) reported that it delivered more than 254,000 cars in the second quarter, a decrease of almost 17% from the first quarter, shares of the company also fell 3.7%.
Oil Sold Off Significantly
The price of oil dropped dramatically. At roughly $103 per barrel, WTI Crude Oil Futures were down 5%. Brent Oil Futures, on the other hand, fell to $106 per barrel, a 5.6% decline. There was a 0.6% drop in the price of gold futures to $1,791.
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