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Investing.com — Stocks of firms that benefit from economic growth were weighed down on Tuesday by new concerns about a recession ahead.
Big lenders such as JPMorgan Chase & Co (NYSE:JPM), Citigroup Inc (NYSE:C) and Bank of America Corp (NYSE:BAC) all fell. JPMorgan and Citi shed 1%, while BofA was down 2%.
Wall Street has been sending mixed signals on the potential for a recession. On Tuesday, Credit Suisse cut its S&P 500 target for 2022 to 4,300 from 4,900. That implies growth from the current level of 3,791. The dollar was also at a 20-year high against the euro earlier.
Big equipment makers Caterpillar Inc (NYSE:CAT) and Deere & Company (NYSE:DE) fell 3% and 3.9%, respectively. Aluminum giant Alcoa Corp (NYSE:AA) shares fell 7%. The company said last week it was curtailing production in one of its plants, citing operational challenges.
Shares of companies that stand to benefit from penny-pinching consumers rose, however. Dollar Tree Inc (NASDAQ:DLTR) was up 4.6%, and Dollar General Corporation (NYSE:DG) rose 1.6%. Shares of Gap Inc (NYSE:GPS) rose 2.3%.
