Wall Street's main indexes slipped for the third straight day on Monday led by declines in healthcare and energy stocks as investors worried that another massive interest rate hike by the Federal Reserve could tip the U.S. economy into a recession.
logged their worst weekly percentage drop since June on Friday as markets fully priced in at least a 75-basis-point rise in rates during the week, with Fed funds futures showing a 21% chance of a whopping 100 bps increase.
"Markets are going to be looking for direction until the Fed meeting, there won't be much trading action till then," said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland. "I think a recession is very likely. The Fed regards a recession as regrettable, but necessary to fight inflation," Grisanti said., also known as Wall Street's fear gauge, rose to 27 points, inching closer to a more than two-month high.
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