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% 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%. The Nasdaq composite fell 3.3% 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 Friday:
The S&P 500 fell 119.47 points, or 2.1%, to 5,528.93.
The Dow Jones Industrial Average fell 626.15 points, or 1.5%, to 40,936.093
The Nasdaq composite fell 577.33 points, or 3.3%, to 17,136.30.
The Russell 2000 index of smaller companies fell 68.42 points, or 3.1%, to 2,149.21.
For the year:
The S&P 500 is up 759.10 points, or 15.9%.
The Dow is up 3,247.39 points, or 8.6%.
The Nasdaq is up 2,124.95 points, or 14.2%.
The Russell 2000 is up 122.14 points, or 6%.