A trader at the New York Stock Exchange at work.
(Photo: AP)
Frankfurt Weak corporate prospects are fueling fears of a recession in US stock markets. Major indices fall to their lowest levels in almost two months on Friday.
The Dow Jones index fell 1.3 percent to 30,556 points. The broader S&P 500 broke through key support at 3900 points and fell 1.4 percent to 3845 points. The Nasdaq technology exchange index fell 1.8 percent to 11,345 points.
Logistics giant Fedex scrapped its full-year forecast, while airline Cathay Pacific warned of a slowdown in business. Both groups with large cargo capacities are also considered indicators of economic development, their warnings pointing to possible lower consumer demand for the holidays.
“It is very likely that we will hear similar statements from other companies in the coming days,” warned Naeem Aslam, chief market analyst at brokerage firm AvaTrade.
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