Dow falls below 30,000 points

Dow (INDU) fell 289 points, or 1%, when the market opened. The S&P 500 (SPX) down 1.1% and Nasdaq (COMP) aggregate is 1.1% lower.

The Dow opened below 30,000 points, a level it briefly broke on Thursday. If the Dow ends the day below 30,000, it will be the first time it has closed below that threshold since June 17. And a more substantial plunge could send the index to its lowest of two. year on Friday.

Investors don’t have a lot of places to make money right now: In addition to stocks sinking, the bond market is also selling off, sending US bond yields soaring to 11-year highs in recent days. The 10-year yield fell back slightly on Friday but remained near 3.7% and the 2-year yield was above 4.1%. That’s a much better return than you can get with stocks today, so high bond yields are adding pressure on the stock market.

Mortgage rates rise to nearly 6.3%, highest since 2008
Wall Street is still concerned that Fed rate hike plan could further increase borrowing costs, hurting corporate profits that support their stock prices. And if the Fed is serious about slowing the economy to keep inflation under control, a recession could cause some real pain for consumers buying products that publicly traded companies produce. export.

In other words: There is much to worry about on Wall Street. The CNN Business Fear and Greed Index has gone completely into “Fear” mode in recent days and is approaching “Extreme Fear”. Investors don’t see much to smile about on the horizon.

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