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Stocks accelerate losses, Dow falls by 800+ points

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Yahoo Finance Live anchors discuss stocks reversing yesterday's gains as recession fears weigh on traders.

Video Transcript

BRIAN CHEUNG: Red across the board on this Thursday morning. You can see the Dow Jones Industrial average down 2.6%. The NASDAQ Composite down over 4%. The S&P 500 down 3 and 1/3 percent. All of this reversing a lot of the gains that we saw after the announcement from the Fed yesterday of a 0.75% basis point increase on the short-term federal funds rate.

If we take a look at what's going on yields. You could say a four basis point movement in the 10-year down, but still had relatively high levels at 336 basis points. The five-year T-Note yield down four basis points. And the 30-year, interestingly, kind of unchanged so far today. But a lot of movement, Akiko. A big spill compared to yesterday's movement.

AKIKO FUJITA: Yeah, and to your point, a big reversal from what we saw in the markets yesterday right after the Fed decision. A lot of this having to do with other central bank moves that we've seen this morning. The Swiss National Bank raising interest rates by 50 basis points in a surprise move. And then we saw the Bank of England raising rates for a fifth straight meeting. Hiking 25 basis points.

The BOE, of course, the very first one to have moved since the pandemic-- or after the pandemic, I should say. Governor Andrew-- Andrew Bailey raising the forecast for peak inflation this year to slightly above 11%. And of course, all of this is adding to concerns of a global recession.