Wall Street ends down as weak economic data fuels recession fears
April 4 - 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.
Bank stocks took a hit after JPMorgan Chase & Co 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. Trading in interest rate futures shows bets are now tilted toward a pause by the Fed in May, with odds of a 25-basis point rate hike at 42%, compared with nearly 60% before the data, according to CME Group's Fedwatch tool.
Virgin Orbit Holdings Inc slumped after the satellite launch company filed for Chapter 11 bankruptcy on failing to secure long-term funding.
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