Dow tumbles more than 900 points, heads for biggest decline in 3 months – CNBC
Stocks fell sharply Thursday after new data showed retail sales fell more than expected in November, raising fears that the Federal Reserve’s relentless interest rate hikes are tipping the economy into a recession.
The Dow Jones Industrial Average fell 918 points, or 2.7%, heading for its worst day since September. The S&P 500 dropped 2.77%, while the Nasdaq Composite lost 3.33%.
The sell-off was broad-based with only 14 stocks in the S&P 500 trading in positive territory. Mega-cap tech stocks declined, with shares of Apple and Alphabet down more than 4%, and shares of Microsoft and Amazon lower by more than 3%.
Shares of Netflix fell more than 9% following a Digiday report that said the streaming firm is offering to return money to advertisers after missing viewership targets.
Meanwhile, Treasury prices rose, pushing yields lower, as traders searched for safety. The 10-year yield fell below 3.5%.
Biggest Dow declines of the year
| Date | Points | % |
|---|---|---|
| 09/13/2022 | -1,276 | -3.94 |
| 05/18/2022 | -1,165 | -3.57 |
| 05/05/2022 | -1,063 | -3.12 |
| 08/26/2022 | -1,008 | -3.03 |
| 04/22/2022 | -981 | -2.82 |
| 06/13/2022 | -876 | -2.79 |