S&P 500 fell below 3900 on global slowdown concerns

S&P 500 fell below 3900 on global slowdown concerns

(Reuters) – The benchmark index fell below the 3,900 mark at the open on Friday, breaching a level that traders viewed as key support, after a profit warning from delivery company FedEx (NYSE) has already fueled investors’ concerns about sharp interest rate hikes.

The benchmark index is now 5.8% above its closing low in mid-June, as Wall Street’s summer rally continues to unravel amid fears of sharp US interest rate increases and deteriorating earnings growth.

Wall Street’s major indexes were trading at two-month lows, with the S&P 500 down 20.40 points, or 0.52%, at 3,880.95.

It fell 95.21 points, or 0.31%, at the open to 30866.61 and fell 151.15 points, or 1.31%, to 11,401.21 at the opening bell.

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