A sharp drop for Wall Street capped a day of declines worldwide after discouraging data on China raised worries about the global economy.
Consumers are switching grocery stores, brands and ingredients as they try to cope with the cost of food.The largest loss came from Discover Financial Services. It dropped 9.4% after it said its chief executive was stepping down, effective immediately.
Home Depot gained 0.7% after it topped expectations for both revenue and profit, though it’s feeling the effects of much higher interest rates. The home improvement retailer said it’s seeing continued pressure on some types of big-ticket projects. All told, the S&P 500 fell 51.86 points to 4,437.86. The Dow dropped 361.24 points to 34,946.39, and the Nasdaq sank 157.28 points to 13,631.05.
Pressures are appearing worldwide. Also Tuesday, Russia’s central bank raised its main lending rate in an emergency move to strengthen the ruble after thesince early in the war with Ukraine. In the U.K., data showed wages for workers are growing at a strong pace, which threatens to add upward pressure on its already high inflation.
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