Stock market today (August 2, 2024): Worries about the economy hit Wall Street, and the Dow drops nearly 500 points

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NEW YORK — Just a day after rallying on hopes that the Federal Reserve is about to cut interest rates, U.S.stocks tumbled Thursday after weak data raised worries the Fed may have missed its window to do so before undercutting the economy’s growth.The S&P 500 sank 1.

The Fed has been keeping its main interest rate at a two-decade high for roughly a year, and that has made it more expensive to borrow to buy a house, car or anything on credit cards.

But their momentum turned last month on worries investors had taken their prices too high and expectations for their profit gains had grown too difficult to meet.

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Article Details

Author / Journalist: Stan Choe / AP Business Writer

Category: BusinessStartups

Markets: PhilippinesJapan

Topics: Interest rates Federal Reserve U.S. Manufacturing ARM Holdings U.S. Stocks Amazon Apple Nasdaq Productivity Meta Platforms Dow Jones Treasury Yields Recession fears Inflation Bond market Economic growth Big Tech Stock market Jobless benefits Stock Market Outlook Economic data

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 04:57:14 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 980 words

Reading Time: 6 minutes read

Sentences: 36 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21894404

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