In the early morning of the 24th Beijing time, US stocks closed sharply lower on Friday. The S & P 500 basically gave up all its gains this summer, close to its lowest level of the year. Investors worry that the Fed's further tightening of monetary policy to combat inflation will plunge the US economy into recession. The dollar continues to appreciate sharply against other currencies. Goldman Sachs Group slashed the S & P year-end target.

The Dow fell 486.27 points, or 1.62%, to 29590.41; the Nasdaq fell 198.88, or 1.80%, to 10867.93; and the S & P 500 fell 64.75, or 1.72%, to 3693.24.

This week, the Dow is down 4.06%, the S & P 500 is down 4.64%, and the Nasdaq is down 5.07%. The S & P 500 basically gave up its rebound gains this summer, and the bear market was further confirmed.

Goldman Sachs Group said on Friday that the Fed's federal funds rate would be higher than previously expected, which would put pressure on US stock market valuations. The bank expects the three-month, six-month and 12-month targets for the S & P to be 3400, 3150 and 3750, respectively.

Bank of America Corporation said that the bull-bear index of US stocks returned to the maximum bearish level, indicating that it is now the most pessimistic period of investor sentiment since the global financial crisis.

Crude oil futures fell sharply on Friday, with U. S. WTI crude falling below the $80 mark, the lowest since January.

The government of British Prime Minister Truss has made the most radical tax cuts since 1972, lowering taxes on workers' wages and businesses to increase the long-term potential of the economy. The UK Fiscal Research Institute (IFS) believes that the UK government's plan to cut taxes to boost growth is an economic gamble that will put Britain's debt on an "unsustainable" path.

The champion of US stock turnover on Friday$Tesla (TSLA.US)$It closed down 4.59% on a turnover of $17.49 billion.Tesla, Inc. 's share price has fallen for four consecutive days and has fallen more than 9 per cent this week. Analysts believe that Tesla, Inc. 's share price has fallen in recent trading days because the Fed's aggressive policy stance has greatly increased the risk of recession, with a general sell-off in the technology sector, with Tesla, Inc. shares bearing the brunt of the 65 times PE.

Second place$Apple (AAPL.US)$It closed down 1.51% to $14.34 billion.Major American baseball games hit, Apple Inc's Apple TV+ ushered in the big exam. Apple Inc Apple TV+ has the exclusive rights to play the Boston Red Sox against the New York Yankees on Friday. The game is a major test of Apple Inc's commitment to becoming a live sports service provider, as well as whether well-known competitions can increase the number of Apple Inc's users or serve other business goals.

No. 5$Amazon (AMZN.US)$It closed down 3.01% on a turnover of US $7.38 billion.Amazon.Com Inc's air cargo business recently recorded its lowest growth rate since the epidemic, which, on the other hand, shows that the e-commerce giant is actively adjusting to the flagging demand for online shopping. According to the latest report released by the Chadic Institute for Urban Development at DePaul University in the US, cargo aircraft in Amazon.Com Inc Airlines operated 194 flights a day at the beginning of this month, an increase of only 3.8 per cent compared with March this year.

In addition, it is reported that a leaked email showed that a software bug caused Amazon.Com Inc to exaggerate the salary increases of some employees in the company.

No. 7$Meta Platforms (META.US)$It closed down 1.69% on a turnover of US $4.41 billion.Two class action lawsuits have been filed in court after Meta Platforms's Facebook Inc and Instagram apps were revealed to be tracking users across websites, accusing the company of violating Apple Inc's "app tracking transparency" policy and related laws. Meta refuted the accusation in a statement. The company said both lawsuits were "groundless" and that they would actively defend them. Meta also said that its in-app browsers respect privacy decisions, including those related to advertising.

According to another report, Morgan Stanley analyst Brian Nowak said that META's drastic cost-cutting measures could boost the company's earnings in the third quarter and push its earnings per share to more than $11 in 2023. Analysts gave Meta an "overweight" rating, with a target price of $225. It follows reports that Meta Platforms plans to cut spending by at least 10 per cent in the coming months.

No. 9$Netflix (NFLX.US)$It closed down 4.49% on a turnover of US $2.53 billion.Netflix is understood to be changing the way comedy specials are paid on its streaming platform from direct purchases to licensing, seeking to cut costs and shift more responsibility to comedians, while giving them more control over their works. The company recently began signing two-year licensing agreements with some comedians for about $200000, instead of paying as much as $1 million for the work.

In addition, Netflix claimed that Ken Barker, the chief accounting officer, resigned and that the decision to resign was his choice.

Jason Helfstein, an analyst at Oppenheimer, raised the Netflix rating from "keep pace with the market" to "outperform the market" and set a target price of $325.

11th place$Costco (COST.US)$It closed down 4.26% on a turnover of $2.51 billion.The company earned $4.2 a share in the fourth quarter, higher than expected of $4.17, as demand for fresh food, confectionery and fuel remained strong.

Revenue rose 15 per cent to $72.1 billion, exceeding expectations of $72.04 billion. Gross profit margin for the quarter was 10.18 per cent, down from 10.92 per cent in the same period last year, as freight and labour costs rose due to rising inflation and tight global supply chains.

Affected by the sharp fall in crude oil prices and the fall of US WTI crude oil below the $80 mark, US crude oil stocks generally fell on Friday. Exxon Mobil Corp, 12th in turnover, closed down 5.32%, with a turnover of US $2.36 billion. In 13th place, Chevron Corp closed down 6.53%, with a turnover of US $2.03 billion. The 17th Western oil company closed down 5.09%, with a turnover of $1.73 billion.

No. 18$Alibaba (BABA.US)$It closed down 2.37% on a turnover of US $1.6 billion.

The following are the 20 most actively traded stocks of the day (by turnover):