Stocks fell on Wall Street Monday and put major indexes deeper into a slump as recession fears grow. The S&P 500 fell 38.19 points, or 1%, to 3,655.04. The Dow Jones Industrial Average fell 329.60 points, or 1.1%, to 29,260.81. The Nasdaq fell 65 points, or 0.6%, to 10,802.92. The British pound slumped to an all-time low against the dollar and investors continued to dump British government bonds in displeasure over a sweeping tax cut plan announced in London last week. Treasury yields continued to rise as the Federal Reserve and other global central banks step up their fight against inflation.
Losses were broad in US markets and included banks, health care companies, and energy stocks, the AP reports. Bank of America fell 2.3%, Medtronic dropped 1.7% and Marathon Oil slid 3.7%. Casino and resort operators were a bright spot following reports that the gambling center of Macau will loosen travel restrictions in November. Wynn Resorts jumped 12%. The muted opening to the week comes amid an extended slump for major indexes. The benchmark S&P 500 is down more than 7% in September. Stocks have been weighed down by concerns about stubbornly hot inflation and the risk that central banks could push economies into a recession as they try to cool high prices on everything from food to clothing.
"We're starting to have a handoff from fears about inflation and the Fed to global economic worries," said Mark Hackett, chief of investment research at Nationwide. "We've reached a universal degree of pessimism." Markets in Europe were mostly lower. The head of the European Central Bank warned that the economic outlook "is darkening" as high energy and food prices pushed up by the war in Ukraine sap consumer spending power. France, the EU's second-biggest economy, forecast a substantial slowdown in economic growth next year.
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