RE:FED is winningIf recession was their aim, then YES the FED is winning.
April 4 (Reuters) - Wall Street dropped on Tuesday after evidence of a cooling economy exacerbated worries that the Federal Reserve's campaign to rein in decades-high inflation may cause a deep downturn.
The S&P 500 closed lower for the first time in a week as data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting that the labor market was cooling, while factory orders fell for a second straight month.
Data on Monday had also pointed to weakening U.S. manufacturing activity.
"The number of job openings has decreased, which makes people worry that hiring is going too slow, and that will be bad for the economy. That feeds into recessionary fears," said Sal Bruno, Chief Investment Officer at IndexIQ in New York.
Bank stocks took a hit after JPMorgan Chase & Co (JPM.N) CEO Jaime Dimon warned in a letter to shareholders that the U.S. banking crisis is ongoing and that its impact will be felt for years.
According to preliminary data, the S&P 500 (.SPX) lost 23.87 points, or 0.58%, to end at 4,100.64 points, while the Nasdaq Composite (.IXIC) lost 63.13 points, or 0.52%, to 12,126.39. The Dow Jones Industrial Average (.DJI) fell 196.83 points, or 0.59%, to 33,404.32.
Caterpillar Inc (CAT.N), viewed as bellwether for the industrial sector, fell sharply.