US Stock Market Today: Top gainers and losers on September 29, 2022

US Stock Market Today: Top gainers and losers on September 29, 2022

US stocks tumbled on September 29 amid the return of recession jitters at Wall Street.

The Dow Jones Industrial Average dropped 443 points at 1.5%.

The S&P 500 and Nasdaq Composite went down 2.06% and 2.96%, respectively.

Apple shares fell more than 4% after Bank of America slashed its price target, reasoning weaker consumer demand.

The 10-year US Treasury yield also rebounded to trade at about 3.753%.

In corporate news, CarMax shares tumbled 14% after the vehicle buyer reported its second quarter earnings.

On the economic data front, initial jobless claims also went down to 193,000, the lowest since April.

The Commerce Department on gross domestic product (GDP) indicated US economic activity contracted at an annualized 0.6%.