04/25/2022

Wall Street Slides on Global Slowdown Fears

Beijing seen at risk of lockdown, cyclicals lead declines

U.S. stock indexes fell on Monday, extending a sharp selloff from last week as fears over China's COVID-19 outbreaks spooked investors already worried about faster U.S. interest rate hikes denting economic growth.

The worries reverberated across world markets, with Chinese shares marking their biggest slump since a pandemic-led selling in February 2020 and European stocks falling to their lowest in over a month on fears of strict restrictions in China.

All the major S&P sectors fell, with energy stocks tumbling 4.1 percent as Brent crude prices dropped almost 5 percent toward $100 a barrel.

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