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Big Tech Sinks Stocks Bruised by Recession Jitters: Markets Wrap

  • Equities tumble amid grim consumer-confidence picture
  • Fed officials say US can avoid a recession even as rates rise
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WATCH: Lorraine Tan, director of equity research at Morningstar, discusses the opportunities she sees in stock markets across Asia.Source: Bloomberg
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A rout in big tech weighed heavily on stocks, with gains in the broader market sputtering as a report showed Americans grew more downbeat about prospects for the economy.

Traders got another reality check after a worrisome reading on consumer confidence. A gauge of expectations -- which reflects a six-month outlook -- tumbled to an almost decade low. The bleak figures come at a time when analysts remain bullish about corporate earnings, with net-margin estimates for S&P 500 companies at a record high.