Shares of industrial and transportation companies fell sharply as fears of a global recession and a slowdown in earnings resurfaced.
David Malpass, head of the World Bank, warned that developing nations faced an extremely challenging near-term outlook, as the sharp slowdown in global growth raises the risks of a prolonged recession.
On a regional basis, researchers at the Dallas Federal Reserve pointed to indications that the Texas economy was slowing.
Investors retreated from multinational exporters such as Boeing and General Electric who will face particular pressure from the elevated U.S. dollar.
Porsche shares fell sharply in their stock-market debut, as a gloomy economic outlook and volatility have weighed on markets.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-29-22 1723ET
