US stocks ended the day lower on Friday as concerns grew that the Federal Reserve’s aggressive rate hikes could push the world’s largest economy into a recession. The S&P 500 dropped 1.1%, the Nasdaq Composite dropped nearly 1%, and the Dow dropped 282 points.
Since Wednesday, when the Federal Reserve reiterated its intention to continue raising interest rates, the stock market has been under intense pressure. A more severe than the anticipated decrease in corporate activity in December, when new orders fell to their lowest level in little over two and half years, added to the bleak outlook.
Positively, Facebook’s parent company Meta Platforms saw a more than 4% increase when J.P. Morgan upgraded the stock from “neutral” to “overweight.” All three of the major US market indices declined by more than 1% for the week, marking the second straight weekly fall. By the end of this quarter, the United States Stock Market Index (US30) is anticipated to be trading at 32388.48 points. In the past, the United States Stock Market Index (US30) peaked in January 2022 at 36952.65 points.