Wall Street tumbles on worries about corporate profits

8 days ago Los Angeles Times

Wall Street is tumbling Wednesday on worries about how badly corporate profits will get hit by a slowing economy following a mixed set of earnings reports and forecasts from Microsoft and others. Worries are rising that corporate profits are set to shrink broadly because of an economy bending under the weight of hikes to interest rates and still-high inflation. The level of cash and profit that companies produce is one of the main levers that set stock prices on Wall Street. The yield on the 10-year Treasury, which helps set rates for mortgages and other economy-dictating loans, dipped to 3.45% from 3.46% late Tuesday. In stock markets overseas, India’s Sensex lost 1.2% after a prominent short-selling firm, Hindenburg Research, accused the Adani Group conglomerate of stock manipulation and accounting fraud.
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