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Wall Street: S&P 500, Dow slip over 1.2% as recession fears mount

US May factory orders rise more than expected; commodity-linked stocks, banks shares tumble

Wall Street
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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City (Photo: Reuters)

Reuters
The S&P 500 and the Dow fell on Tuesday, with investors fretting about the possibility of a recession as central banks across the world take aggressive actions to stem a surge in inflation.

U.S. stocks have been under relentless selling pressure this year, with the benchmark S&P 500 index recording its steepest first-half percentage drop since 1970, as the Federal Reserve moves away from easy-money policy by raising borrowing costs.

Investors are now waiting for minutes from the Fed's meeting in June on Wednesday as they brace for another 75-basis-point rate hike at the end of the month.
Traders are also keeping a

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)