Stocks Plummet on Renewed Recession Fears

Retail sales data and hawkish Fed comments stoked recession fears

Deputy Editor
Dec 15, 2022 at 4:30 PM
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Recession fears came back in full force on Wall Street today, following today's weaker-than-expected retail sales data on top of yesterday's Fed comments. The Dow finished the day 763 points lower for its worst day since Sept. 13, while the Nasdaq and S&P 500 both suffered their worst single-day percentage drop since Nov. 2. Overseas, the European Central Bank (ECB) and Bank of England (BoE) hiked their lending rates by 50 basis points as well.

Continue reading for more on today's market, including:

  • Two hotel stocks in focus today.
  • Options bulls unfazed by sinking Snap stock.
  • Plus, a WDC downgrade; LEN's earnings results; and headwinds ahead for AT&T. 

Closing Indexes Summary Dec 15

NYSE and Nasdaq Stats Dec 15

5 Things to Know Today 

  1. Netflix's (NFLX) ad-supported subscription service is off to a rocky start. Plus, Needham's streaming outlook for 2023 wasn't too keen on the stock. (Marketwatch)
  2. Puerto Rico is making moves in an effort to become more independent, with a bill just passed through the U.S. House of Representatives. (Reuters)
  3. One analyst favors Micron over Western Digital stock
  4. Options bears loading up on Lennar stock
  5. AT&T stock could hit the brakes next year. 

Corporate Earnings Dec 15

Unusual Options Activity Dec 15

Oil, Gold Drop Lower

Oil prices fell for the first day in four, losing ground in the wake of a partial restart of the Keystone Pipeline following last week's shutdown. West Texas Intermediate (WTI) crude for January delivery lost $1.17, or 1.5%, to settle at $76.11 a barrel on the New York Mercantile Exchange. 

Gold prices dropped for the second day. February-dated gold fell $30.90, or 1.7%, to settle at $1,794.40 per ounce, its lowest finish in over a week. 

 

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