Wall St. tumbles as weak factory data fuels slowdown worries
NEW YORK - Wall Street stocks sold off sharply on Friday, with all three major U.S. stock indexes dropping between 1 and 2 percent as weak factory data from the United States and Europe led to an inversion of U.S. Treasury yields, fueling fears of a global economic downturn.
A weaker-than-expected Markit PMI reading of U.S. factory activity in March, along with similarly dour reports from Europe and Japan, helped send U.S. Treasury yields into an inversion, with the spread between yields of three-month Treasury bills exceeding those of 10-year notes for the first time since 2007.
Earlier in the week, the U.S. Federal Reserve concluded its two-day monetary policy meeting with a statement that forecast no additional interest rate hikes in 2019 on signs of economic softness, a dovish shift that surprised the markets. Of the 11 major sectors in the S&P 500, all but defensive utilities and consumer staples were in the red.Nike Inc shares dipped 5.8 percent after the sportswear company’s North American sales fell short of estimates.
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