Wall Street closed lower on Thursday, extending its losses in afternoon trading as a series of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid mounting global recession warnings.
The Dow Jones Industrial Average it yielded 173.07 points, 0.56%, to 30,962.02 units; the index S&P 500 it fell 44.60 points, 1.13%, to 3,901.32 units; and the Nasdaq Composite it lost 163.54 points, 1.4%, to 11,556.14 units.
The sell-off gathered momentum towards the end of the session, with market leaders including Microsoft Corp., Apple Inc and Amazon.com Inc. hitting the Nasdaq harder.
Banks, sensitive to movements in interest rates, helped soften the decline of the Dow Jones index.
“It’s been a tough year and investors are cautious,” said Matthew Keator, managing partner at the Keator Group, a wealth management firm in Lenox, Massachusetts.
The mood tilted further to the downside after the World Bank and the International Monetary Fund (IMF) warned of an impending global economic slowdown.
A series of mixed economic data, led by better-than-expected retail sales, cemented the likelihood of another 75 basis point interest rate hike by the Fed at the end of next week’s policy meeting.
“The question is what’s going to happen in November,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.
While the retail sector surprised to the upside, declining jobless claims reaffirmed the strength of the labor market, and a drop in import prices supported the past inflation narrative.
But a surprise drop in industrial production and a contraction in manufacturing in the Atlantic region fueled economic pessimists.
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