US continues sell-off premarket amid inflation worries
Major stock markets on Wall Street recorded more losses ahead of the last session of the week amid increasing concerns the Federal Reserve's continuous rate hikes could push the United States economy into a recession. After disappointing retail sales data from yesterday, the coming trading day will be marked by the latest PMI data from S&P Global.
The Dow Jones tumbled 0.93% or 310 points at 4:22 am ET, while the Nasdaq 100 plunged 1.07% or 120 points, and the S&P 500 declined 1.06%. On the other hand, Adobe Inc.'s stock soared over 4% on record 2022 revenue and operating income.
The euro saw slight gains against the dollar, trading at 1.06344, while the pound lost 0.38% to sell for $1.21315. Both currencies went reverse from June highs after yesterday's 50 basis point rate hikes from the European Central Bank and the Bank of England.