Stocks Slide as Fed and Jobless Claims Weigh on Market Confidence

Stocks fell on Friday morning due to concerns that global interest-rate hikes could push the world economy into recession. The Nasdaq Composite slid more than 1%, and surveys of purchasing managers by data firm S&P Global pointed to sharper-than-expected slowdowns in the eurozone, Japan, and Australia. Several overseas central banks raised borrowing costs in recent days to slow inflation, while the Federal Reserve said its inflation-fighting campaign has further to go. Meanwhile, Bitcoin held above $30,000, and BlackRock filed for a spot bitcoin exchange-traded fund.