8/1: U.S. stocks declined due to weak economic data, raising recession concerns; S&P 500 fell 1.4%, Dow dropped 1.2%, Nasdaq declined 2.3%.
U.S. stocks declined on 8/1 due to weak economic data, including a surge in initial jobless claims and a drop in the ISM manufacturing index, which raised recession concerns. The S&P 500 fell 1.4%, the Dow Jones Industrial Average dropped 1.2%, and the Nasdaq Composite declined 2.3%. As a result, the Federal Reserve's potential interest rate cuts faced further scrutiny, and investors shifted to safer assets, such as bonds, causing the 10-year Treasury yield to fall below 4%.
August 01, 2024
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