Stock Market Decline in June 2023: Economic Growth Concerns Drive Losses
On June 23, 2023, U.S. stock markets faced declines amid rising worries that higher interest rates could hamper economic expansion, leading to a losing day and week for equities.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams in delivering impactful news coverage on major events.
Key Highlights
- U.S. stocks slipped by midday on June 23, 2023, as investors grew concerned that increased interest rates might slow economic growth.
- Tesla shares dropped following a third consecutive downgrade within three days.
- Copper futures experienced a sharp decline, negatively affecting shares of Freeport-McMoRan and other mining companies.
On June 23, 2023, U.S. equity markets were on track for a losing day and week, pressured by fears that rising interest rates could dampen the economy's momentum. By midday, the Dow Jones Industrial Average and S&P 500 had each fallen over 0.5%, while the Nasdaq Composite declined by 1%.
Nearly all Dow stocks traded lower, with technology shares—previous drivers of market gains—turning negative. Tesla (TSLA) shares fell sharply after receiving their third downgrade in as many days. Salesforce (CRM) shares decreased by 2%, while Microsoft (MSFT) and Alphabet (GOOGL) each dropped about 1%.
Freeport-McMoRan (FCX) was the worst-performing stock in the S&P 500, as copper miners’ shares declined in tandem with copper prices. Starbucks (SBUX) shares also fell amid a strike announcement by workers at 150 unionized stores, protesting the company's policies on Pride displays.
Conversely, CarMax (KMX) shares surged after the used car retailer exceeded profit and sales expectations. Darden Restaurants (DRI) saw gains following multiple analyst upgrades. Merck (MRK) and UnitedHealth Group (UNH) each rose by 0.5%, leading Dow components higher.
Oil futures dropped, gold prices rose, and yields on the 10-year Treasury note declined. The U.S. dollar strengthened against the euro, pound, and yen. Major cryptocurrencies traded higher, with Bitcoin surpassing $30,000.
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