Stocks sink after JPMorgan Chase CEO Jamie Dimon warns of recession
By Paul R. La Monica, CNN BusinessUpdated: Mon, 10 Oct 2022 17:25:03 GMTSource: CNN BusinessSo much for a sleepy Columbus Day on Wall Street. Stocks weren't doing much Monday morning but took a n
By Paul R. La Monica, CNN BusinessUpdated: Mon, 10 Oct 2022 17:25:03 GMT
Source: CNN Business
So much for a sleepy Columbus Day on Wall Street. Stocks weren't doing much Monday morning but took a nasty turn lower in the afternoon following stark comments from JPMorgan Chase CEO Jamie Dimon, who warned that the United States is likely to enter a recession within the next six to nine months.
Dimon made the comments in an exclusive interview with CNBC that aired Monday. The Dow fell more than 200 points midday, or about 1%. The S&P 500 and Nasdaq were down 1.2% and 1.6% respectively as well.
Shares of JPMorgan Chase, which is one of the 30 stocks in the Dow, were down nearly 1.5%. JPMorgan Chase is one of several big banks that will report earnings on Friday.
Stocks have tumbled this year due to worries about inflation and how the Federal Reserve's aggressive interest rate hikes to fight surging prices may eventually lead to a recession. Stocks soared early last week, leading to hopes that the market had bottomed.
But sellers have returned with a vengeance in the past few days. Friday's mostly solid jobs report did little to dispel fears about more big rate hikes from the Fed.
