Wall Street got slammed as the Dow suffered its worst day this year
NEW YORK - Wall Street sold off sharply on Wednesday as recession fears gripped the market after the U.S. Treasury yield curve temporarily inverted for the first time in 12 years.
Germany reported a contraction in second-quarter gross domestic product, and China’s industrial growth in July hit a 17-year low. Wednesday was the first time that yields for 2-year and 10-year Treasuries had inverted since June 2007, months before the onset of the great recession, which crippled markets for years.“It could be different this time,” Carlson said. “When you’ve got $15 trillion in global government debt at negative yields, that’s a new animal.
Over 300 of the S&P 500’s components are down 10% or more from their 52-week highs, according to Refinitiv data. More than 180 of those stocks have fallen more than 20% from their 52-week highs, putting them in bear market territory.
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