Stocks Tumble Amid Fears Of A Slowing Economy

August 5, 2024 9:59 am

NEW YORK (AP) — Nearly everything on Wall Street tumbled as fear about a slowing U.S. economy worsened and set off another sell-off for financial markets around the world. The S&P 500 sank 3% Monday for its worst day in nearly two years. The Dow Jones Industrial Average dropped more than 1,000 points, and the Nasdaq composite slid 3.4%. That followed a 12.4% plunge for Japan’s Nikkei 225, its worst since 1987. Treasury yields pared their losses after a report showed U.S. services businesses are continuing to grow. But worries are still high after Friday’s report showing U.S. employers pulled back on hiring last month by more than expected.