Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.
The S&P 500 fell 1.8 percent Friday. The Nasdaq composite fell 2.4 percent and is now down 10 percent from its record set last month. The Dow Jones Industrial Average lost 1.5 percent.
A report showed hiring by U.S. employers slowed last month by much more than expected, sending fear through markets. Intel sank to its worst day in 50 years after reporting weaker-than-expected profits and suspending its dividend. Treasury yields tumbled as expectations built for how deeply the Federal Reserve will cut rates in September….
Source link
How Major US Stock Indexes Fared Aug. 2
