Stock market news live updates: September 23, 2022

U.S. stock futures slid Friday morning as fears of aggressive Federal Reserve policy saw equity markets pace towards a big weekly loss and Treasury yields continue a perilous climb to fresh highs.

Futures tied to the benchmark S&P 500 tumbled 1.2% in the early trade, while those on the Dow Jones Industrial Average plunged more than 300 points, or 1.1%, touching the lowest level since March 2021. Technology stocks led the way down, with Nasdaq futures off by a hefty 1.3%.

Meanwhile, the 10-year U.S. Treasury note spiked above 3.7, hitting the highest level since 2010. The U.S. dollar index reached a fresh two-decade high of 112.10. And in commodity markets, crude oil fell, with West Texas Intermediate (WTI) futures down 2.3% to $81.57 per barrel and Brent crude oil off by 2% at $88.61 per barrel.

The moves come after Federal Reserve officials raised interest rates by 75 basis points for a third straight time earlier this week and Chair Jerome Powell implied in hawkish remarks that policymakers were prepared to accept economic pain in exchange for restoring price stability.

Goldman Sachs has slashed its year-end 2022 target for the S&P 500 index by about 16% to 3,600 points from 4,300.

“The expected path of interest rates is now higher than we previously assumed, which tilts the distribution of equity market outcomes below our prior forecast,” Goldman’s David Kostin said in a note.

NEW YORK, NEW YORK - SEPTEMBER 13: The Wall Street street sign is seen at the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City. U.S. stocks opened lower today and closed significantly low with the Dow Jones dropping over 1,200 points after the release of an inflation report that showed prices rising more than expected in the last month. The Consumer Price Index released by the Bureau of Labor Statistics showed prices rising 8.3% over the last year, for which economists had predicted an 8.1% increase. (Photo by Michael M. Santiago/Getty Images)

NEW YORK, NEW YORK – SEPTEMBER 13: The Wall Street street sign is seen at the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City. (Photo by Michael M. Santiago/Getty Images)

“Based on our client discussions, a majority of equity investors have adopted the view that a hard landing scenario is inevitable and their focus is on the timing, magnitude and duration of a potential recession and investment strategies for that outlook,” he wrote.

In corporate news, Costco (COST) was among Friday movers after the bulk retailer reported fiscal fourth-quarter earnings and revenue that beat Wall Street estimates but said inflationary pressures were weighing on profit margins as consumer habits shift. Shares were down 3% pre-market.

Shares of FedEx (FDX) slipped roughly 2% in extended trading after the shipping giant announced cost-cutting measures and rate increases, one week after a grim pre-earnings announcement sent its stock plummeting 20%.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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Source: https://finance.yahoo.com/news/stock-market-news-live-updates-september-23-2022-105526854.html