Stock market today: Wall Street has its worst day in weeks, with more shakes possibly still to come
U.S. stocks slumped after a Federal Reserve official raised the possibility of delivering none of the cuts to interest rates this year that Wall Street has been banking on, if inflation worsens
NEW YORK — U.S. stocks slumped after a Federal Reserve official raised the possibility of delivering none of the cuts to interest rates this year that Wall Street has been banking on, if inflation worsens. The S&P 500 dropped 1% Thursday for its worst day since February. It erased an earlier gain of nearly 1% that had brought it to the cusp of its record. The Dow swung 1.4% lower, and the Nasdaq composite lost 1.4%. Markets were already unsettled before Minneapolis Fed President Neel Kashkari expressed concern about inflation. Friday’s U.S. jobs report could shake the market further. Oil prices jumped, and Treasury yields sank.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
U.S. stocks slammed into reverse on Thursday after a Federal Reserve official said it may deliver none of the cuts to interest rates this year that Wall Street has been banking on if inflation worsens.
The S&P 500 was 1.1% lower in late trading after erasing an earlier gain of nearly 1% that had brought it it to the cusp of its record. The Dow Jones Industrial Average swung 481 points lower, or 1.2%, after reversing a rise of 294 points. The Nasdaq composite was 1.1% lower, as of 3:30 p.m. Eastern time.
Financial markets were already on edge as traders made their final moves ahead of a jobs report on Friday that could itself shake the market. A late-day spurt for oil prices also unsettled things, threatening to add more pressure on inflation.
Stocks slumped after Minneapolis Fed President Neel Kashkari said he's questioning the need to
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