Dow slides 650 points, on track for biggest sell-off of 2024 over U.S. recession fears

Stocks sold off Thursday, with the Dow Jones Industrial Average heading for its worst day of the year as new data raised fears of a potential U.S. recession.

Pia Singh and Samantha Subin for CNBC:
‎

The Dow dropped 636 points, or nearly 1.6%. At its session lows, the 30-stock index lost 744.22 points, or about 1.8%. The S&P 50 shed 1.8%, while the Nasdaq Composite slipped 2.8%. The Russell 2000 index, the small-cap benchmark that has rallied lately, dropped 3.6%.

Some fresh data stoked fears over a possible recession and the notion that the Federal Reserve could be too late to start cutting interest rates. Initial jobless claims rose the most since August 2023. And the ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and a signal of economic contraction.

These releases spurred worries over an economic downturn, sending the 10-year Treasury yield below 4% for the first time since February.

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
‎
MacDailyNews Note: Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30pm PDT / 4:00pm EDT. As always, we’ll have the results for you as soon as they are release. The company will hold a conference call with analysts thirty minutes later at 2:00pm PDT / 5:00pm EDT, which we’ll cover with live notes as usual.
‎
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.

The post Dow slides 650 points, on track for biggest sell-off of 2024 over U.S. recession fears appeared first on MacDailyNews.