Dow falls 176 points; U.S. markets start June with declines

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June 1 (UPI) — U.S. stocks fell to start trading for the month of June on Wednesday as investors expressed concern about the state of the economy.

The Dow Jones Industrial Average dropped 176.89 points, or 0.54%, the S&P 500 fell 0.75% and the Nasdaq Composite closed the day down 0.75%.

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JPMorgan CEO Jamie Dimon cast a shadow over trading on Wednesday as he said that the economy is facing a “hurricane” as the Federal Reserve takes steps to normalize interest rates in remarks at Bernstein’s Strategic Decisions Conference.

“Right now, it’s kind of sunny, things are doing fine,” Dimon said. “Everyone thinks the Fed can handle this. That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or a Superstorm Sandy … or Andrew or something like that. And you got to brace yourself.”

Dimon’s comments came after President Joe Biden on Tuesday met with Fed Chairman Jerome Powell and said he plans to give the central bank the space it needs to do its job to tackle inflation ahead.

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Materials and Financials names dragged down the S&P 500 with Albermarle falling 7.8% and Mosaic declining 6.31%, while JPMorgan Chase stock slid 1.75% and Goldman Sachs dropped 1.53%.

Travel names were also on the decline with Norwegian Cruise Line falling 4.5%, United Airlines dropping 4.49% and Boeing stock slipping 0.57%.