Stocks opened sharply lower Thursday as investors weighed expectations for the Federal Reserve to continue delivering outsize rate increases in its effort to get inflation under control, raising fears of a sharp economic slowdown or recession. Investors also weighed disappointing earnings from JPMorgan Chase & Co.
JPM,
and Morgan Stanley
MS,
which both fell in early action. The Dow Jones Industrial Average
DJIA,
was down 553 points, or 1.8%, while the S&P 500
SPX,
dropped 1.5% and the Nasdaq Composite
COMP,
shed 1.4%.
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