Lenders, Equipment Makers, Discounters Caught Up in Recession Talk

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Lenders, Equipment Makers, Discounters Caught Up in Recession Talk
Credit: © Reuters.

By Liz Moyer

Investing.com -- Stocks of firms that benefit from economic growth were weighed down on Tuesday by new concerns about a recession ahead. 

Big lenders such as JPMorgan Chase & Co (NYSE: JPM ), Citigroup Inc (NYSE: C ) and Bank of America Corp (NYSE: BAC ) all fell. JPMorgan and Citi shed 1%, while BofA was down 2%.

Wall Street has been sending mixed signals on the potential for a recession. On Tuesday, Credit Suisse (SIX: CSGN ) cut its S&P 500 target for 2022 to 4,300 from 4,900. That implies growth from the current level of 3,791. The dollar was also at a 20-year high against the euro earlier.

Big equipment makers Caterpillar Inc (NYSE: CAT ) and Deere & Company (NYSE: DE ) fell 3% and 3.9%, respectively. Aluminum giant Alcoa Corp (NYSE: AA ) shares fell 7%. The company said last week it was curtailing production in one of its plants, citing operational challenges.

Shares of companies that stand to benefit from penny-pinching consumers rose, however. Dollar Tree Inc (NASDAQ: DLTR ) was up 4.6%, and Dollar General Corporation (NYSE: DG ) rose 1.6%. Shares of Gap Inc (NYSE: GPS ) rose 2.3%.

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