Wall Street tumbles on worries about the economy, and Dow drops more than 600
NEW YORK — U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start.
“Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty,” said Timothy Fiore, chair of the Institute for Supply Management’s manufacturing business survey committee. The Fed appears set to lower interest rates later this month in hopes of easing conditions for the economy and avoiding a recession after earlier jacking its main interest rate to a two-decade high to beat high inflation.
The strength of this jobs report, or lack thereof, will likely determine the size of the Fed’s upcoming cut, according to Goldman Sachs economist David Mericle. If Friday’s data shows an improvement in hiring over July’s disappointing report, it could keep the Fed on course for a traditional-sized move of a quarter of a percentage point.
On Wall Street, U.S. Steel fell 6.1% in its first trading after Vice President Kamala Harris said Monday that she opposed the company’s planned sale to Japan’s Nippon Steel. The Democratic presidential nominee’s comments, which echo President Joe Biden’s position, came after Nippon Steel Corp. said last week it would spend an additional $1.3 billion to upgrade facilities in Pennsylvania and Indiana, on top of a previous $1.4 billion commitment.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
Similar News:آپ اس سے ملتی جلتی خبریں بھی پڑھ سکتے ہیں جو ہم نے دوسرے خبروں کے ذرائع سے جمع کی ہیں۔
Wall Street leaps, and S&P 500 rallies 1.6% as US shoppers drive the economyWall Street leaps, and S&P 500 rallies 1.6% as US shoppers drive the economy
مزید پڑھ »
Wall Street drifts as it closes out its best week since NovemberWall Street drifts as it closes out its best week since November
مزید پڑھ »
Wall Street holds firm after inflation data clears the path for cuts to ratesWall Street holds firm after inflation data clears the path for cuts to rates
مزید پڑھ »
Wall Street holds relatively steady ahead of big tests coming later in the weekWall Street holds relatively steady ahead of big tests coming later in the week
مزید پڑھ »
Reddit forecasts quarterly revenue above estimates on strong ad spendReddit (RDDT.N) forecast third-quarter revenue above Wall Street estimates
مزید پڑھ »
Wall Street slips at the start of a week full of economic updatesWall Street slips at the start of a week full of economic updates
مزید پڑھ »