{"id":48694,"date":"2022-06-13T14:03:29","date_gmt":"2022-06-13T14:03:29","guid":{"rendered":"https:\/\/harchi90.com\/wall-street-stocks-open-in-bear-market-as-sell-off-accelerates\/"},"modified":"2022-06-13T14:03:29","modified_gmt":"2022-06-13T14:03:29","slug":"wall-street-stocks-open-in-bear-market-as-sell-off-accelerates","status":"publish","type":"post","link":"https:\/\/harchi90.com\/wall-street-stocks-open-in-bear-market-as-sell-off-accelerates\/","title":{"rendered":"Wall Street stocks open in bear market as sell-off accelerates"},"content":{"rendered":"
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US stocks slid sharply at the start of trading on Monday with the benchmark S&P 500 opening in bear market territory, as a sell-off sparked by high inflation and the prospect of aggressive central bank tightening rippled across global financial markets.<\/p>\n
Wall Street’s S&P 500 index fell 2.4 per cent, pushing it more than 20 per cent below an all-time high set in January, a decline identified commonly as a bear market. The gauge of US stocks had briefly entered a bear market in late May, before rebounding off its lows.<\/p>\n
The tech-heavy Nasdaq Composite dropped 2.9 per cent, taking its losses for the year to roughly 30 per cent. Speculative corners of the market have suffered acutely this year as central banks in the US and Europe begin to raise interest rates and drain liquidity from the financial system. <\/p>\n
Bitcoin, the cryptocurrency that tends to react to broader market sentiment, traded below $ 24,000, having tumbled almost 20 per cent since Friday. <\/p>\n
Analysts have upgraded their forecasts of how far the Federal Reserve will raise interest rates, with some speculating that the US central bank might implement an extra large 0.75 percentage point increase at its monetary policy meeting this week. <\/p>\n
US consumer price inflation hit an unexpectedly high annual rate of 8.6 per cent in May, data on Friday showed, as Russia’s invasion of Ukraine raised fuel and food costs. Money markets are now pricing in a 3.4 per cent fed funds rate by December, up from a range of 0.75 per cent to 1 per cent currently. <\/p>\n