⚠️BREAKING: *WALL ST OPENS LOWER AS CREDIT SUISSE RENEWS BANK WORRIES $DIA $SPY $QQQ $IWM $VIX
- U.S. stocks dropped on Wednesday as turbulence at Credit Suisse renewed fears of a banking crisis, while data hinting at economic weakness kept alive hopes of a less aggressive monetary policy move by the Federal Reserve in March.
U.S.-listed shares of Credit Suisse slid 24.3% to hit a record low, after the Swiss bank's largest investor said it could not provide more financial assistance to the lender. Fuelling hopes of a less hawkish Fed policy, data showed retail sales fell 0.4% last month from a growth of 3.2% in January, while economists polled by Reuters had expected a contraction of 0.3%.
A separate report showed U.S. producer prices unexpectedly fell in February and the rise in prices in January was not as large as initially thought, offering some hopeful signs in the fight against inflation.
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