Wall Street opens lower
Stock prices were down sharply Thursday morning on the New York Stock Exchange, despite rising the day before on hopes that the Federal Reserve’s interest rate hike won’t be a surprise. common practice in fighting inflation.
The S&P 500 index was down 2.7%, while the Dow Jones industrial average fell 2.4%.
US Treasury bond yields were also down.
European markets also fell.
There are fears that rising interest rates will inhibit economic activity too much and accidentally cause a recession.