By Liz Moyer
Investing.com — US stocks plunged in early trading, with the Dow falling below 30,000 amid heightened concerns about a global economic slowdown.
At 10:23 ET (14:23 GMT), the price fell 424 points, or 1.4%, while the price fell 1.7% and fell 1.9%.
The Dow has fallen in recent days as investors worry about damage from the Fed’s aggressive rate moves, which are approaching the level of the recent lows seen in June. The S&P and Nasdaq are in a bear market, meaning they are both down 20% or more from their recent highs.
US private sector activity declined in September, but contraction in both the manufacturing and services sectors eased. S&P Global’s monthly flash composite rose to 49.3, a three-month high.
Meanwhile, Fed Chair Jerome Powell, who spoke publicly at a press conference on Wednesday, will reappear today at 14:00 ET (18:00 GMT) for a virtual event on the transition to a new post-pandemic economy.
Cautious forecasts from companies like FedEx Corporation (NYSE:) have not helped sentiment. The logistics giant is raising prices by an average of 6.9% as it experiences a global slowdown in shipping volume.
Growth stocks are particularly hard hit, with Apple Inc (NASDAQ:), Microsoft Corporation (NASDAQ:) and others lower in the early days.
Shares of Costco Wholesale Corp (NASDAQ:) fell 2.3% after the warehouse club said margins were narrower than last year, with higher shipping and labor costs.
Oil collapsed. fell 5.6% to $78.75 a barrel, while crude fell 4.8% to $86.08 a barrel. fell 1.7 percent to $1,652 an ounce.