Dow drops 300 points, breaks below 30,000 on growth worries

Wall Street‘s main indexes opened lower on Friday, heading toward June lows, as investors fretted over the prospect of an economic downturn and a hit to corporate earnings from the U.S. Federal Reserve’s aggressive monetary policy tightening to quell inflation.

Dow Jones Industrial Average futures fell by 340 points, or 1.1%, while the S&P 500 slid 1.3%. The Nasdaq Composite lost 1.2%.

Friday marked the fourth negative session in a row for the major averages, with the Dow falling below its June closing low and the 30,000 mark.

The U.S. central bank raised rates by a widely expected 75 basis points on Wednesday and signaled a longer trajectory for policy rates at a time when a handful of companies – most recently FedEx Corp and Ford Motor Co – are issuing dire outlooks for earnings.


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