Economy

US stocks open lower amid recession fears

All major stocks post losses amid worsening economic data

Aysu Bicer   | 12.05.2022
US stocks open lower amid recession fears

ANKARA 

Major indices in the US stock market opened lower on Thursday as the major selloff from the previous week continues with investors' worries of a possible recession and worsening macroeconomic data.

US annual inflation hit 8.3% in April after posting the largest 12-month rise since December 1981 the previous month, while China's annual inflation rate rose to 2.1%, up from 1.5% in March.

US producer prices increased 11% year-on-year last month, according to the Labor Department figures.

The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, came in slightly above the market forecast.

Also, the Labor Department announced on Thursday that the number of Americans filing first-time unemployment claims last week rose by 1,000 to 203,000.

The Dow Jones lost nearly 200 points and decreased by 0.54% to 31,660.71 points.

Falling 0.81%, the S&P 500 index registered 3,903.5 points and the Nasdaq fell 1.23% to 11,224.74 points.

The MSCI World index fell 1.5%.

Bitcoin and the entire crypto market's recent downturn also worsened Thursday.

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