Investors continued looking at new data for signs into the future health of the economy.
Futures tied to the Dow Jones Industrial Average are down Thursday evening as investors responded to data that elevated concerns of a looming recession and looked ahead to a slate of Federal Reserve speakers scheduled for Friday.
In a continuation of Wednesday's sell off, the Dow dropped 764.13 points, or 2.25%, for its worse daily performance since September. The S&P 500 and Nasdaq Composite fell 2.49% and 3.23%, respectively.suggested inflation is hitting consumers more than expected. This has investors concerned that consumer spending is slowing, a sign that the economy is weakening.
"After gouging themselves on hopes for a Fed pivot, equity traders are experiencing indigestion from yesterday's FOMC statement, which reiterated Jerome Powell's theme of 'higher for longer,'" said John Lynch, chief investment officer for Comerica Wealth Management.
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