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Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
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Worst day for stocks in over two years

  • By Al Mayadeen English
  • Source: Agencies
  • 19 May 2022 10:27
3 Min Read

Dow Jones, Nasdaq, and S&P fall by more than 3.5%.

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  • Of the 12 times the Dow Jones fell more than 1,000 points, two of them happened this month
    Of the 12 times the Dow Jones fell more than 1,000 points, two of them happened this month

After a decline in earnings from US retail giants Target, Walmart and Lowe's was reported, stocks on Wednesday recorded their most significant losses in over two years.

The Down Jones Industrial Average fell 1,164 points, representing a 3.57% decline, while Nasdaq fell 4.73% and the S&P 500 shed 4.04%.

The Down Jones fell more than 1,000 points only 12 times, two of which happened this month. This is the fourth time it has fallen by more than 900 points in 2022, something that did not happen in 2021.

As for Nasdaq and the S&P 500, the first is now down nearly 28% for the year, while the latter has fallen 18.2%.

These declines will cause investors to worry that inflation has begun to take a toll on US corporations.

Related News

DeepSeek disrupts global tech markets, challenges US AI dominance

Wall Street stocks opens lower, Nasdaq dips on Nvidia earnings fear

On March 16, the US Federal Reserve authorized its first rate rise since the epidemic, boosting rates by 25 basis points, or a quarter percentage point. Since then, several of its policymakers have stated that the March rise was too mild, and that additional forceful hikes of 50 basis points, or half a percentage point, may be required. This year, the Federal Reserve may make up to seven rate changes.

After cutting rates virtually to zero during the Covid-19 epidemic, the Federal Open Market Committee, or FOMC, authorized the first pandemic-era rate rise on March 16, boosting rates by 25 basis points, or a quarter point.

Since then, many FOMC members have determined that the boost was too mild to rein in inflation, which has been accelerating at its highest rate since the 1980s, and that more severe hikes of 50 basis points may be required in the future.

Recession possible

While raising interest rates is vital to cool growing inflation levels, experts feels the measures are a precursor to the US's first recession since the 2008 global financial crisis.

"Last year the US economy grew at the pace not seen since 1984. However, at the start of this year, many economists dialed down their forecasts for economic growth. The main concerns are: the receding fiscal stimulus and planned interest rate hikes throughout the year intended to fight inflation. Slow economic growth coupled with high inflation is usually called ‘stagflation'," one source told Sputnik on April 5.

However, in this fragile economic environment, aggressive interest rate hikes, which are indeed required to tame this roaring inflation not seen for decades, may throw the economy into a recession," the source added.

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