(News Bulletin 247) – The New York Stock Exchange fell on Friday, at the end of a week marked by the toughening of the Fed’s tone and growing concerns about an imminent entry into recession.
At the end of the morning, the Dow Jones fell 0.5% to 33,772.2 points, while the Nasdaq Composite lost 0.8% to 13,515.3 points.
US equities continue to suffer from the prospect of further rate hikes from the Federal Reserve that could tip the economy into recession, a scenario that is prompting investors to steer clear of the market.
Sign of the reluctance of stakeholders, all major sectors of Wall Street are moving into negative territory, starting with non-essential consumption and technology, very dependent on economic growth.
This renewed caution is leading investors to fall back on safe-haven assets such as Treasuries yields.
At less than 3.74%, the yield on ten-year US Treasury bonds fell by six basis points and was heading towards a sharp decline over the week as a whole.
On the foreign exchange market, the dollar is gaining ground against the euro, but is falling against the yen, which benefits from its safe haven status.
Over the whole week, shortened due to ‘Juneteenth’, the Dow Jones is currently down 1.5%, the Nasdaq loses 1.3% while the S&P 500 suffers a weekly drop of 1 .2%.
The relapse ends a streak of five consecutive weeks of gains for the S&P, which was its longest bullish streak since November 2021.
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