Stocks Get Crushed With Recession Worries Mounting
- US mortgage rates post their biggest increase since 1987
- Twitter deal spread widens after Musk’s staff meeting
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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.