* The Dow Jones drops 1.56%, the S&P-500 loses 2.01% and the Nasdaq falls 2.98%
by Stephen Culp
NEW YORK, June 28 (Reuters) – The New York Stock Exchange ended sharply lower on Tuesday as U.S. consumer confidence data dampened investor optimism and stoked fears that Federal Reserve measures ) in the face of inflation is pushing the economy into recession, ahead of earnings season.
The Dow Jones index fell 1.56%, or 491.27 points, to 30,946.99 points.
The broader S&P-500 lost 78.56 points, or 2.01%, to 3,821.55 points.
The Nasdaq Composite fell by its side from 343.01 points (2.98%) to 11,181.54 points.
The Nasdaq saw the largest decline in the session, led by the tech gloves Amazon, Microsoft and Apple.
As we approach the end of the month and the end of the second quarter, the S&P-500 is heading for its largest percentage decline in the first half since 1970.
The three main Wall Street indices are expected to experience two consecutive quarters of decline for the first time since 2015.
“It’s a really bad start to the year, and 1970 is a pretty good analogy for where we are today, with war and inflation,” commented Peter Tuz, president of Chase Investment Counsel, Charlottesville, Virginia.
“Markets were holding up well today until the consumer confidence data came out,” he added. “They immediately started selling.”
A monthly survey published today shows that US consumer confidence has fallen to its lowest level since February 2021, while short-term expectations have reached their most pessimistic level for almost a decade.
Ten of the eleven major sectors of the S&P-500 ended in the red, with only energy advancing, benefiting from the rise in crude prices.
Ct values, Nike fell 7.0% after reporting a profit forecast below expectations.
* The reminder of the session in Europe:
* TO BE FOLLOWED ON WEDNESDAY:
(French version Jean Terzian)