Why the stock market is suddenly freaking out
CNN
The narrative on Wall Street is shifting.
The narrative on Wall Street is shifting. Traders have long placed their bets on the Federal Reserve cutting rates in September, and Fed Chair Jerome Powell basically confirmed as much Wednesday. That rate cut, expected in six weeks, was priced in to stocks, which have been rising over the past few months in hopes of a cut. Rate cuts tend to juice stocks, because they lower borrowing costs for businesses and can help boost profits. But now, fear is starting to take hold, as concerns mount that the Fed may not be acting quickly enough to keep America’s job market in good shape. Powell warned Wednesday that cracks are starting to form in the labor market. On Thursday, the stock market underwent a bit of a reset, with the Dow falling 700 points as America may be entering a new phase of the economy — a slowdown in hiring. The broader S&P 500 tumbled 1.7% and the tech-heavy Nasdaq Composite dropped a stunning 2.7%.
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