S&P 500 Logs Fifth Straight Decline

  • The S&P 500 notched its fifth consecutive losing session, and the Nasdaq Composite marked a fourth straight loss.
  • Major banks are voicing concern about possible recession fears and sharp losses in 2023. 
  • A slump in Chinese trade in November underscored global recession fears. 

US stocks closed in the red on Wednesday. This was despite concerns that the US and all economies around the world are entering recession. 

The S&P 500 notched its fifth consecutive losing session with eight of its 11 sectors moving lower, led by the communications services group. The Nasdaq Composite suffered its fourth consecutive loss while the Dow industrials remained flat. The following stocks were among the worst performers. CarvanaThe market fell on rising bankruptcy concerns

Wall Street banksCEOs and other executives JPMorgan boss Jamie DimonInvestors have been warned in recent days to prepare for sharp stock loss next year and for major recessions. Weak Chinese trade figures, even though Beijing was a major contributor to growth worries, exacerbated concerns about Wednesday’s economic outlook. continued to roll back its zero-COVID policy measuresRelated to testing and quarantines. 

Here’s the position of US indexes at the closing bell at 4:00 p.m. on Wednesday. 

“Our baseline view is a weakening economic, diminished consumer activity, corporate profit challenges, while inflationary pressures favor higher interest rates than previous experience,” Tom Hainlin (global investment strategist at US Bank Wealth Management) wrote in emailed remarks. “Next week’s Updated Summary of Economic Projections will provide an important overlay on Fed vs. Market-Based Inflation and Interest Rate Expectations.” 

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