Stock losses deepen on a spate of bad news

2023-09-27

Summary:

The Dow fell Tuesday after the latest home sales and consumer confidence reports stoked recession concern.

The Dow fell Tuesday after the latest home sales and consumer confidence reports stoked recession concern.

The benchmark closed below its 200-day MA for the first time since May after its worst day since March, which could prompt more stock bears to pile in.

U30USD

In September, the Conference Board's Consumer Confidence Index declined to 103, down from 108.7 in August, according to data released Tuesday.

That marked the largest monthly decline for since December 2020. Historically, any number below 80 signals a recession within the next year.

Homes under contract were 675,000 for the month, down 8.7% from July, according to the Commerce Department. Economists polled by Dow Jones anticipated a total of 695,000.

Notably, food and gas prices growth reaccelerated recently, strengthening the case for more interest rate hikes going forward against growth stocks in particular.

JPMorgan CEO Jamie Dimon warned markets may not be prepared for a worst-case scenario where the Fed lifts rates to 7% alongside stagflation.

Investors this week are also grappling with negotiations in Washington, as lawmakers hope to avert a government shutdown that could take place if Congress doesn’t agree on a spending bill.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Previous： Oil prices are on fire

Next： Rising Treasury yields deal a new blow to gold

Related Articles

Oil poised to rise with potential trade deals

Oil poised to rise with potential trade deals

Thursday marked the week's final settlement before Easter, with light trading. Brent and WTI rose about 5%, their first weekly gain in 3 weeks.

2025-04-18

Gold well supported amid trade tensions

Gold well supported amid trade tensions

Gold dipped from its high on Thursday but stayed firm as US stocks fell again after Trump ordered a probe, sparking new global trade war concerns.

2025-04-17

Chinese yuan will unlikely collapse despite tariffs

Chinese yuan will unlikely collapse despite tariffs

China's first-quarter GDP exceeded expectations, but US tariffs could pose a significant risk, and a reversal in exports is expected.

2025-04-16

EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020, with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.

Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website:www.ebcfin.co.uk
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
EBC Financial (MU) Limited is licensed and regulated by the the Financial Services Commission, Mauritius (License Number GB24203273) with registrated address at 3rd Floor, Standard Chartered Tower, Cybercity, Ebene, 72201, Republic of Mauritius. Website for this entity is maintained separately.
EBC Financial Group (Comoros) Limited is authorised by The Autonomous Island of Anjouan, Union of Comoros Offshore Finance Authority with License number L 15637/EFGC, with registered office address at Hamchako, Mutsamudu, Autonomous Island of Anjouan, Union of Comoros.
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Group (Cyprus) Ltd, faciliates payment services to the licensed and regulated entities within the EBC Financial Group strucutre, registered under the Companies Law of Republic of Cyprus with the number HE 449205, registered office address at 101 Gladstonos, Agathangelou Business Centre, 3032 Limassol, Cyprus.

Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address :[email protected] . Telephone : +44 20 3376 9662

Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.

Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen.
Any Spanish on this website is for LATAM only and is not designated for anyone in European Union or Spain For more information, please check out our FAQs.
Any Portuguese on this website is for Brazil and Africa only, and is not designated for anyone in European Union or Portugal. For more information, please check out our FAQs.

Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.

Risk Warning: Trading Contracts for Difference (CFDs) are complex financial instruments and come with a high risk of losing money rapidly due to leverage. Trade on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade Forex and CFDs, you should carefully consider your trading objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial trading capital. We recommend that you seek independent advice and ensure you fully understand the risks involved before making any investment decision. Please read the relevant risk disclosure statements carefully before trading.