Stocks tumbled around the globe as recession fears resurfaced, with the Federal Reserve struggling to get on top of inflation that has proved more persistent and widespread than officials anticipated.
The S&P 500 closed at its lowest since December 2020, while the tech-heavy Nasdaq 100 sank 4%. The deal spread on Elon Musk’s proposed takeover of Twitter Inc. widened as the billionaire wasn’t directly asked and didn’t address the issue on whether he’s committed to buying the social-media firm during a staff meeting. Homebuilders slid as mortgage rates jumped the most since 1987. In late trading, Adobe Inc. slumped after cutting its sales forecast.
The dollar fell as central banks in Europe stepped up monetary tightening, promising to narrow the gap between rates there and in the U.S. Treasuries rebounded from an earlier selloff. Bitcoin dropped below $21,000 amid its longest slide in Bloomberg data going back to 2010.
