U.S. Stocks Fall as Fears of Economic Slowdown Return

September 29, 2022 10:33 AM EDT

By Liz Moyer -- U.S. stocks fell at the opening amid recurring fears about aggressive actions by central banks to curb inflation.

At 9:47 ET (13:47 GMT), the Dow Jones Industrial Average was down 313 points, or 1%, while the S&P 500 was down 1.4% and the NASDAQ Composite was down 1.8%.

After rebounding on Wednesday, stocks were again pressured by investors who fear a global slowdown. Tech stocks slid the most as yields on Treasurys ticked higher again.

The economy recovered from the pandemic stronger than initially understood, according to Commerce Department revisions of gross domestic product readings.

GDP rose 5.9% last year, the department said. That was revised up from the earlier reading of 5.7%.

Meanwhile, the labor market continues to show its resilience. The number of Americans filing new jobless claims last week fell to 193,000, beating expectations even as the Federal Reserve raises interest rates to slow demand.

Airline stocks were under pressure as Hurricane Ian in Florida forced the cancellation of thousands of flights to and from the state. Shares of American Airlines Group (NASDAQ: AAL) fell 3.8%, while shares of United Airlines Holdings Inc (NASDAQ: UAL) also fell 3.8% and shares of Southwest Airlines Company (NYSE: LUV) fell 2.9%.

Oil was falling. Crude Oil WTI Futures was down 0.7%, to $81.62 a barrel, while Brent Oil Futures crude was down 0.7% to $87.50 a barrel. Gold Futures was down 0.6% to $1660.

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