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….
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How Major US Stock Indexes Fared Aug. 1
