US stocks fall to their lowest level in two months, following the decline in global demand, and warnings from “FedEx”.
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The three major US stock indexes fell to levels not seen since mid-July
US stocks ended sharply lower on Friday, plunging to their lowest level in two months, following FedEx’s warning of an impending global slowdown accelerated investors’ flight to safe havens at the end of a turbulent week.
The three major US stock indices fell to levels not seen since mid-July, with the S&P 500 closing below 3900 points, an important support level.
Investor sentiment has shifted away from risk following FedEx withdrew its earnings forecast late Thursday, citing signs of waning global demand.
FedEx’s move followed statements from the World Bank and the International Monetary Fund, which warned of an imminent global economic slowdown.
According to preliminary data, the (Standard & Poor’s 500) index fell 27.03 points, or 0.69 percent, to close at 3,873.28 points, while the Nasdaq Composite lost 103.60 points, or 0.90 percent, to 11,448.76 points. The Dow Jones Industrial Average fell 143.94 points, or 0.46 percent, to 30,817.88 points.
And earlier today, The World Bank has warned that the world may be heading towards a global recessionAt the same time, central banks raise interest rates to combat persistent inflation.
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