- US stocks dropped, with the Dow shedding more than 300 points to open Friday's session.
- Goldman Sachs slashed its year-end S&P 500 target to 3,600 on expectations of a hard landing.
US stocks tumbled Friday and bond yields continued to climb amid new warnings on the global economy.
The Dow lost more than 300 points, and each of the major indexes face their fourth losing session in a row. S&P Global's Purchasing Managers' Index, a broad gauge of economic health, dropped to 48.2 in September from 48.9 last month, showing that business activity continues to contract.
Stocks are poised for a losing week after the Federal Reserve and a slate of other central banks made policy adjustments to combat inflation. Goldman Sachs slashed its year-end forecast for the S&P 500, and warned that the Fed's aggressive policy path will lead to further sell-offs in stocks.
"The expected path of interest rates is now higher than we previously assumed, which tilts the distribution of equity market outcomes below our prior forecast," the bank's strategists wrote in a Thursday note.
Here's where US indexes stood as the market opened 9:30 a.m. on Friday:
- S&P 500: 3,713.44, down 1.19%
- Dow Jones Industrial Average: 29,755.54, down 1.07% (321.14 points)
- Nasdaq Composite: 10,932.10, down 1.22%
Here's what else is happening today:
- Billionaire Bill Ackman said more immigration could help the Fed beat inflation without causing a recession.
- A top economist said US home prices could plunge 20% by next summer as a housing recession kicks in.
- China's yuan tumbled near a key threshold, raising questions as to whether the People's Bank of China will intervene in the currency markets.
- Russia plans to cut natural gas exports by 40% over the next three years, according to a Bloomberg report.
- Europe is scrambling to put a price cap on Russian oil and it is likely to be included in new sanctions proposals.
In commodities, bonds and crypto:
- Oil prices dropped, with West Texas Intermediate down 4.48% to $79.74 a barrel. Brent crude, the international benchmark, shed 3.89% to $86.98 a barrel.
- Gold fell 1.02% to $1,664.42 per ounce.
- The 10-year yield ticked higher 0.9 basis points to 3.699%.
- Bitcoin dropped 1.56% to $19,031.25.