Markets Veer Towards Dismal Day and Week Amid Concerns Over Economic Expansion

Markets Head Toward Losing Day and Week Amid Worries About Economic Growth

Key TakeAway
  • U.S. stocks were poised for a negative day and week by noon on Friday, June 23, 2023 due to worries that elevated interest rates might impede economic expansion.
  • Tesla stocks tumbled following a third consecutive rating reduction.
  • Copper futures plummeted, causing a decline in Freeport-McMoRan shares and other mining companies.

U.S. equities were on a trajectory towards a bearish day and week, fueled by concerns over heightened interest rates potentially triggering an economic deceleration. Around midday, both the Dow and S&P 500 experienced declines exceeding 0.5%, while the Nasdaq witnessed a 1% loss.

Nearly all stocks within the Dow were in negative territory. Technology stocks, which played a significant role in recent market upswings, reversed course. Tesla (TSLA) shares plummeted as the electric vehicle manufacturer received its third consecutive downgrade in as many days. Salesforce (CRM) shares dipped by 2%, while Microsoft (MSFT) and Alphabet (GOOGL) saw a 1% drop.

Among S&P 500 constituents, Freeport-McMoRan (FCX) emerged as the poorest performer, with shares of other copper mining companies also sinking alongside declining metal prices. Starbucks (SBUX) shares declined following an announcement of a strike by employees at 150 unionized stores over a disagreement regarding the coffee chain's Pride display policies.

On a positive note, CarMax (KMX) shares surged as the largest U.S. used car retailer surpassed profit and sales forecasts. Darden Restaurants (DRI) shares gained momentum after multiple analysts raised the stock's price target. Merck (MRK) and UnitedHealth Group (UNH) shares advanced by 0.5%, positioning them as the leading performers within the Dow.


Oil futures plunged. Gold prices soared. The yield on the 10-year Treasury note experienced a decline. The U.S. dollar strengthened against the euro, pound, and yen. Prominent digital currencies exhibited upward movement, with Bitcoin surpassing the $30,000 mark in terms of price.