As the Dow Jones Industrial Average headed towards its worst day of the year, stocks began to sell off on Thursday.
By approximately 1.3%, the Dow fell by 512 points. 744.22 points, or around 1.8%, were lost by the 30-stock index at its session lows. Nasdaq Composite fell 2.2% while S&P 500 down 1.3%.
The benchmark small-cap index, the Russell 2000, fell 3.6% after recently rising. The idea that it could be too late for the Federal Reserve to begin lowering interest rates and concerns about a potential recession were heightened by certain recent data.
The increase in first claims for unemployment benefits was the highest since August 2023. Furthermore, the U.S. industrial activity gauge, the ISM manufacturing index, posted a lower-than-expected 46.8% reading, indicating a slowdown in the economy.
After these for the first time since February, the yield on the 10-year Treasury fell below 4%.
Source (CNBC)
