By Liz Moyer
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:), Citigroup Inc (NYSE:) and Bank of America Corp (NYSE:) 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 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 earlier.
Big equipment makers Caterpillar Inc (NYSE:) and Deere & Company (NYSE:) fell 3% and 3.9%, respectively. Aluminum giant Alcoa Corp (NYSE:) 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:) was up 4.6%, and Dollar General Corporation (NYSE:) rose 1.6%. Shares of Gap Inc (NYSE:) rose 2.3%.