The Clap
The S&P 500, NASDAQ, and DJI recorded losses of 1.44%, 2%, and 1.03% respectively, as the possibility of a recession concerns investors.
What
The industries impacted the most by the recession fears are media and banking. Paramount Global (NASDAQ:PARA) dropped almost 7% following a report that the company expects lower advertising revenue in Q4.
In addition, Morgan Stanley (NYSE:MS) announced it will cut around 2% of its global workforce, while Goldman Sachs (NYSE:GS) may pursue a similar approach in terms of cost-cutting.
So What
The losses recorded by the S&P 500 during Tuesday’s session represent the seventh negative session in eight.
Now What
Although the Fed is expected to slow down the interest rate hikes, investors fear that the slowdown will not be enough to keep the economy out of a recession.
