Stock market news live updates: September 23, 2022

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U.S. inventory futures slid Friday morning as fears of competitive Federal Reserve coverage noticed fairness markets pace towards a big weekly loss and Treasury yields proceed a dangerous climb to recent highs.

Futures tied to the benchmark S&P 500 tumbled 1.2% within the early business, whilst the ones at the Dow Jones Industrial Average plunged greater than 300 issues, or 1.1%, touching the bottom degree since March 2021. Technology shares led the way in which down, with Nasdaq futures off via a hefty 1.3%.

Meanwhile, the 10-year U.S. Treasury be aware spiked above 3.7, hitting the very best degree since 2010. The U.S. greenback index reached a recent two-decade prime of 112.10. And in commodity markets, crude oil fell, with West Texas Intermediate (WTI) futures down 2.3% to $81.57 consistent with barrel and Brent crude oil off via 2% at $88.61 consistent with barrel.

The strikes come after Federal Reserve officers raised interest rates by 75 basis points for a third straight time previous this week and Chair Jerome Powell implied in hawkish remarks that policymakers have been ready to simply accept financial ache in trade for restoring value steadiness.

Goldman Sachs has slashed its year-end 2022 target for the S&P 500 index via about 16% to three,600 issues from 4,300.

“The expected path of interest rates is now higher than we previously assumed, which tilts the distribution of equity market outcomes below our prior forecast,” Goldman’s David Kostin mentioned in a be aware.

NEW YORK, NEW YORK - SEPTEMBER 13: The Wall Street street sign is seen at the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City. U.S. stocks opened lower today and closed significantly low with the Dow Jones dropping over 1,200 points after the release of an inflation report that showed prices rising more than expected in the last month. The Consumer Price Index released by the Bureau of Labor Statistics showed prices rising 8.3% over the last year, for which economists had predicted an 8.1% increase. (Photo by Michael M. Santiago/Getty Images)
NEW YORK, NEW YORK – SEPTEMBER 13: The Wall Street side road signal is observed on the New York Stock Exchange all the way through afternoon buying and selling on September 13, 2022 in New York City. (Photo via Michael M. Santiago/Getty Images)

“Based on our consumer discussions, a majority of fairness buyers have followed the view {that a} onerous touchdown state of affairs is inevitable and their focal point is at the timing, magnitude and period of a possible recession and funding methods for that outlook,” he wrote.

In company news, Costco (COST) used to be amongst Friday movers after the majority store reported fiscal fourth-quarter earnings and revenue that beat Wall Street estimates however mentioned inflationary pressures have been weighing on benefit margins as client conduct shift. Shares have been down 3% pre-market.

Shares of FedEx (FDX) slipped more or less 2% in prolonged buying and selling after the delivery massive introduced cost-cutting measures and fee will increase, one week after a grim pre-earnings announcement despatched its inventory plummeting 20%.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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