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Wall St slides, Dow set for worst first-half since 1962

U.S. stocks slipped setting the Dow up for its worst first six months since 1962, on concerns that a dogged pursuit by central banks to tame inflation would hamper global economic growth.

Fears over slowing growth and surging prices have rippled through markets, with recession worries taking center stage as monetary policymakers across the world look to aggressively raise borrowing costs.

Federal Reserve Chair Jerome Powell on Wednesday vowed to not let the U.S. economy slip into a “higher inflation regime”, even if it means raising interest rates to levels that put growth at risk.

The tech-heavy Nasdaq Composite came off session lows but was still set for its largest declines ever for the first-half, while the benchmark S&P 500 tracked its biggest January-June percentage drop since 1970.

All the three main indexes are on course to post their second straight quarterly declines for the first time since 2015.

Fed policymakers in recent days have set expectations for a second 75-basis points interest rate hike in July even as economic data painted a dour picture of the American consumer.


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