Stocks tumble after weak economic data, 10-year yield falls below 4%

by Karen Friar, Ines Ferré, and Josh Schafer, Yahoo Finance

US stocks were under heavy selling pressure Thursday afternoon as weak economic data and another sharp sell-off in chip stocks spurred losses across all three major indexes the day after the Federal Reserve signaled a likely rate cut in September.

The S&P 500 (^GSPC) fell almost 1.5%, while the tech-heavy Nasdaq Composite (^IXIC) erased earlier gains to drop more nearly 2.5% after closing Wednesday with hefty gains. The Dow Jones Industrial Average (^DJI) dropped almost 600 points, or 1.4%.

The 10-year Treasury (^TNX) yield moved below the 4% level for the first time since February, hovering near 3.98%.

Meta (META) stock was a bright spot, rising about 5%, after the social media giant on Wednesday afternoon reported better than expected results.

 

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