Stocks Sink Before Jobs as Tech Hit on Earnings: Markets Wrap
- US manufacturing activity contracts by most in eight months
- Unemployment rate close to triggering popular downturn signal
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Stocks fell sharply and bonds rallied as a fresh dose of weak economic data led traders to reconsider whether Jerome Powell’s Federal Reserve is wise to hold off cutting interest rates before September.
Thursday’s price action was another episode of extreme day-to-day volatility that has featured rapid rotations into and out of asset classes and sectors, with investors choosing Treasuries as the latest haven trade. The Nasdaq 100 saw its biggest one-day reversal since May 2022. In late hours, a $277 billion exchange-traded fund tracking the gauge fell as Intel Corp. and Amazon.com Inc. tumbled on disappointing forecasts and Apple Inc. whipsawed.