The last time U.S. stock traders had it this bad before an employment report was more than four years ago. And just like then, it’s because economic-growth concerns are taking over.
The Standard & Poor’s 500 Index is having its worst week since August as China’s yuan fixing sparked worries that a slowdown in the nation will hurt the global recovery. Back in 2011, when the U.S. measure tumbled more than 7 percent in the four days before the August jobs report, Europe’s crisis was the main trigger for the drop. A downgrade of the U.S. credit rating by S&P at the end of that week worsened the rout.