U.S. stocks tumbled to their worst day since an early August sell-off after another report raised worries about the economy's health.
U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start. The Standard & Poor's 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to the cusp of its all-time high. The Dow Jones industrial average dropped 626 points, or 1.5%, from its own record set on Friday, before Monday’s Labor Day holiday. The Nasdaq composite fell 3.
The strength of this jobs report, or lack thereof, probably will determine the size of the Fed’s upcoming cut, according to Goldman Sachs economist David Mericle. If Friday’s data show an improvement in hiring over July’s disappointing report, it could keep the Fed on course for a traditional-size move of a quarter of a percentage point. But if Friday’s report is weaker, it could drive the Fed to deliver an outsize cut of half a percentage point from the federal funds rate’s current range of 5.
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