Wall Street Shuns Risk as Recession Talk Ramps Up: Markets Wrap
- US service gauge falls more than expected as demand moderates
- Private payrolls rose 145,000 in March, below all estimates
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Wall Street saw a renewed flight to safety, with bonds climbing and equities dropping after weaker-than-estimated economic data revived fears that a recession could be in store.
In a rotation away from growth shares, the Nasdaq 100 underperformed major benchmarks. Some of the most-speculative pockets of the market bore the brunt of the selling, with a gauge of newly minted stocks getting hit and a basket of profitless technology firms tumbling over 4%. Banks finished lower even after Western Alliance Bancorp’s deposit disclosure.