U.S. stocks tumbled to their worst day since an early August sell-off after another report raised worries about the economy’s health.
The S&P 500 slumped 2.1 percent Tuesday after a report showed U.S. manufacturing shrank again in August, weighed down by high interest rates. The Dow Jones Industrial Average dropped 1.5 percent. The Nasdaq composite fell 3.3 percent as Nvidia and other Big Tech stocks led the way lower. Treasury yields also sank in the bond market.
The worse-than-expected manufacturing data raised worries about the slowing U.S. economy and upped the stakes for the all-important jobs report looming on Friday.
On Tuesday:
The S&P 500 fell 119.47 points, or 2.1 percent, to 5,528.93.
The Dow Jones Industrial Average fell 626.15 points, or 1.5 percent, to 40,936.93.
The Nasdaq composite fell 577.33 points, or 3.3 percent, to 17,136.30.
The Russell 2000 index of smaller companies fell 68.42 points, or 3.1 percent, to 2,149.21.
For the year:
The S&P 500 is up 759.10 points, or 15.9 percent.
The Dow is up 3,247.39 points, or 8.6 percent.
The Nasdaq is up 2,124.95 points, or 14.2 percent.
The Russell 2000 is up 122.14 points, or 6 percent.
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