US Stocks Tumble on Fear of Global Economic Slowdown By

© Reuters.

By Liz Moyer — US stocks tumbled in early trading, with the Dow breaching below 30,000, on increased worry about a global economic slowdown.

At 10:23 ET (14:23 GMT), the was down 424 points, or 1.4%, while the was down 1.7% and the was down 1.9%.

The Dow has fallen in recent days as investors worry about damage from the Fed’s aggressive rate moves, approaching the level of its recent June lows. The S&P and Nasdaq are in a bear market, which means they’ve both fallen 20% or more from their recent highs.

US private sector activity fell in September but contractions in both the manufacturing and service industries 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, is again set to appear today at 14:00 ET (18:00 GMT) for a virtual event about transitioning to a new post-pandemic economy.

Cautious forecasts from companies such as FedEx Corporation (NYSE:) haven’t helped sentiment. The logistics giant is raising prices an average of 6.9% as it experiences a global slowdown in shipping volume.

Growth stocks are being particularly hard-hit, with Apple Inc (NASDAQ:), Microsoft Corporation (NASDAQ:) and others lower in early trading.

Costco Wholesale Corp (NASDAQ:) shares fell 2.3% after the warehouse club said margins narrowed from last year, with higher shipping and labor costs.

Oil plunged. was down 5.6%, to $78.75 a barrel, while crude was down 4.8%, to $86.08 a barrel. fell 1.7% to $1652 an ounce.

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