By Noel Randewich and Ankika Biswas
(Reuters) – Wall Street tumbled on Tuesday after evidence of a slowing U.S. economy exacerbated concerns that the Federal Reserve’s campaign to curb inflation, which is at a decades high, could trigger a deep recession.
All three major indexes fell, with the S&P 500 closing lower for the first time in a week after data showed that US job openings in February fell to the lowest level in nearly two years, an indication that the market The labor market is in a slowdown, while factory orders are down for the second straight month.
Data on Monday also pointed to weakening US manufacturing activity.
Bank stocks took a hit after JPMorgan Chase CEO Jaime Dimon warned in a letter to shareholders that the US banking crisis is ongoing and its impact will be felt for years.
Bank of America and Wells Fargo lost more than 2%, and the S&P 500 banking sector fell 1.9%.
Of the 11 S&P 500 sector indices, seven retreated, with industrials at the bottom, down 2.25%, followed by a 1.72% loss in the energy sector.
The S&P 500 fell 0.58% to 4,100.60 points. The Nasdaq fell 0.52% to 12,126.33 points. The Dow Jones fell 0.59% to 33,402.38 points.
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