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Stock market news live updates: September 23, 2022

Equity markets headed for deep weekly declines on concerns about aggressive Fed policy, and US Treasury yields continued their perilous rise to new highs Friday morning. US stock futures fell.

Futures tracking the benchmark S&P 500 fell 1.2% in early trading, while futures on the Dow Jones Industrial Average fell more than 300 points (1.1%) to its lowest level since March 2021. Futures are also down a hefty 1.3%.

Meanwhile, 10-year US Treasury bills soared above 3.7, reaching their highest level since 2010. The US dollar index reached his 20-year high of 112.10. Crude oil also fell in commodity markets, with West Texas Intermediate (WTI) futures down 2.3% to $81.57 a barrel and Brent crude down 2% to $88.61 a barrel.

The move comes as Fed officials hiked rates by 75 basis points three times in a row earlier this week, and Chairman Jerome Powell said in hawkish remarks that policy makers will raise the economy in exchange for restoring price stability. It happened after I hinted that I was ready to accept the physical pain.

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

“The expected path for interest rates is higher than previously assumed and the distribution of stock market outcomes is lower than previously expected,” Goldman’s David Kostin said in a note.

NEW YORK, NY – SEPTEMBER 13: A 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 conversations with clients, the majority of equity investors say a hard landing scenario is inevitable and their investment strategies are focused on the timing, magnitude, duration and prospects of a potential recession. I adopt a view,” he wrote.

In corporate news, Costco (COST) was one of Friday’s movers. After the bulk retailer reported fourth-quarter profits and earnings that beat Wall Street estimates, it said inflationary pressures were weighing on profit margins as consumer habits changed. The stock fell 3% before the market launch.

FedEx (FDX) shares fell about 2% in long-term trading after the shipping giant announced cost-cutting measures and rate hikes.

Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc

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