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% Friday. The Nasdaq composite fell 2.4% and is now down 10% from its record set last month. The Dow Jones Industrial Average lost 1.5%.
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.
On Friday:
The S&P 500 fell 100.12 points, or 1.8%, to 5,346.56.
The Dow Jones Industrial Average fell 610.71 points, or 1.5%, to 39,737.26.
The Nasdaq composite fell 417.98 points, or 2.4%, to 16,776.16.
The Russell 2000 index of smaller companies fell 76.85 points, or 3.5%, to 2,109.31.
For the week:
The S&P 500 is down 112.54 points, or 2.1%.
The Dow is down 852.08 points, or 2.1%.
The Nasdaq is down 581.72 points, or 3.4%.
The Russell 2000 is down 150.76 points, or 6.7%.
For the year:
The S&P 500 is up 576.73 points, or 12.1%.
The Dow is up 2,047.72 points, or 5.4%.
The Nasdaq is up 1,764.81 points, or 11.8%.
The Russell 2000 is up 82.24 points, or 4.1%.
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