Wall Street Goes Risk Off as Bank CEOs Sound Alarm: Markets Wrap
- Goldman’s chief David Solomon cites ‘some bumpy times ahead’
- JPMorgan’s Jamie Dimon sees ‘mild to hard recession’ next year
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Stocks slumped amid gloomy economic warnings from bank chiefs at a time when concerns about the impacts of Federal Reserve policy on growth and corporate earnings are running rampant.
A rout in tech giants like Apple Inc. and Microsoft Corp. weighed heavily on the market, with the Nasdaq 100 down 2% and the S&P 500 suffering a fourth straight loss. All but two firms in the KBW Bank Index of financial heavyweights fell. As traders sought safety, the dollar rose with Treasuries.