An evolving story
Dow falls 500+ points, S&P hits bear market due to fears of recession
SymbolPriceChange% ChangeI: DJI $ 30,878.09-514.70-1.64% SP500 $ 3,816.21-84.65-2.17% I: COMP $ 11,048.70-291.32-2.57%
US stocks fell early Monday as the S&P 500 hit a new bear market, falling 20% from its peak in January as investors battled growing fears of a recession and rising bond yields. Yields on 10-year government bonds reached 3.27%, the highest since May 2011. For commodities, oil was at $ 119 and gas prices at $ 5.01 for AAA.
The Federal Reserve will begin its two-day meeting on Tuesday with a decision on Wednesday.
An evolving story
S&P is approaching a new bear market
The S&P 500, the broadest measure of stocks, is close to a new bear market, with the benchmark down 18.7% from its recent peak on January 3, 2022.
Dow Jones averages.
$
31392.79
LOOKING LEVEL: 3,837,249
An evolving story
The shares are ready for a difficult start to the week
Dow Jones averages.
$
31392.79
Dow Jones Industrial Average futures fell about 500 points on Monday, heading for a week that could be volatile for shares in the Federal Reserve meeting in June on Wednesday.
An evolving story
Bitcoin continues to be shattered
Bitcoin, the world’s largest cryptocurrency by market value, continues to be hammered, falling in tandem with US stocks.
Futures at a glance
US stock futures fell on Monday on fears of a rise in the Federal Reserve’s interest rate later this week.
Dow Jones Industrial Average futures are down 551 points, or 1.79%, while Nasdaq futures are down 2.81%. The S&P 500 index is down 2.23% in pre-market trading and is one step closer to entering a bear market.
Oil prices also fell on Monday. West Texas Intermediate crude futures are trading at $ 119 a barrel, while Brent Crude futures are trading at about $ 120.50 a barrel.
Republican House of Representatives DesJarlais to Present New Bill to Block Biden Student Loan Relief
Representative Scott DeJarlays, R-Tenn., Will present a bill aimed at blocking President Biden’s plan to forgive student loans.
“There are a lot of people who have taken out loans and, you know, they may not have gotten their dream job, but don’t pay them back,” DeJarle told FOX Business. “So somehow deciding that they don’t need to have skin in the game anymore, that kind of discourages people from succeeding, I think.”
The most aggressive provision of the bill is intended to restrict the Secretaries of Education and Finance, as well as the Attorney General from taking any action to forgive student loan debt, with the exception of those carried out as part of the Higher Education Act. since 1965
“It can help those people who are irresponsible, but those who work and pay taxes – now they will be burdened with the burden of, if you want to call the mistakes of these other people or the management of loan money,” – said DeGarle. .
For more information on the story, click here: Republican House of Representatives DesJarlais to Present New Bill to Block Biden Student Loan Relief
The Federal Reserve is expected to announce a new increase in interest rates
The Federal Reserve is expected to announce another interest rate hike this week as it tries to curb hot inflation.
All eyes will be on the Federal Reserve this week, as it will begin its two-day interest rate policy meeting this Tuesday.
On Wednesday, the Federal Reserve will announce its decision on interest rates.
US stocks closed on Friday after consumer inflation jumped 8.6 percent to a 40-year high and consumer sentiment sank to its lowest level ever, as tracked by the University of Michigan. The Dow Jones Industrial Average fell 880 points or 2.7%, while the S&P lost 2.9% and the Nasdaq Composite by 3.5%. For the week, all three main averages fell between 4.6% and 5.6%.
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