Dow futures slide more than 500 points as market worries mount
The Dow DJIA, -1.48% dropped more than 500 points, or 1.5%, on Friday, and the S&P 500 SPX, -1.03% and Nasdaq Composite COMP, -0.07% following it lower. For the week, the Dow lost 1.7%, the S&P 500 dropped 1.9% and the Nasdaq tumbled 3%.
Last week’s losses came as investors weighed the U.S. Federal Reserve’s hawkish pivot, speeding up its reduction of monthly bond purchases and predicting three interest-rate hikes next year.
Markets also tumbled after President Joe Biden’s signature $2 trillion spending plan appeared doomed as Sen. Joe Manchin, D-W.Va., said on Sunday that he cannot support it — potentially handing Biden and Democrats a major political loss. Goldman Sachs downgraded their U.S. growth forecasts for 2022, citing difficulties in getting the spending bill passed.
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