U.S. stocks tumbled after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before undercutting the economy’s growth.
The S&P 500 sank 1.4 percent Thursday after a report showed U.S. manufacturing activity is still shrinking. The Dow Jones Industrial Average fell 1.2 percent, and the Nasdaq composite dropped 2.3 percent.
The action was even stronger in the bond market, where the yield on the 10-year Treasury sank below 4 percent after data showed more U.S. workers applied for unemployment benefits last week. Wall Street’s losses would have been worse if not for a strong profit report from Meta Platforms.
On Thursday:
The S&P 500 fell 75.62 points, or 1.4 percent, to 5,446.68.
The Dow Jones Industrial Average fell 494.82 points, or 1.2 percent, to 40,347.97.
The Nasdaq composite fell 405.25 points, or 2.3 percent, to 17,194.15.
The Russell 2000 index of smaller companies fell 68.32 points, or 3 percent, to 2,186.16.
For the week:
The S&P 500 is down 12.42 points, or 0.2 percent.
The Dow is down 241.37 points, or 0.6 percent.
The Nasdaq is down 163.74 points, or 0.9 percent.
The Russell 2000 is down 73.91 points, or 3.3 percent.
For the year:
The S&P 500 is up 676.85 points, or 14.2 percent.
The Dow is up 2,658.43 points, or 7.1 percent.
The Nasdaq is up 2,182.79 points, or 14.5 percent.
The Russell 2000 is up 159.09 points, or 7.8 percent.
The Epoch Times copyright © 2024. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
