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 1.2 percent Thursday for its worst day since February. It erased an earlier gain of nearly 1 percent that had brought it to the cusp of its record. The Dow swung 1.4 percent lower, and the Nasdaq composite lost 1.4 percent.
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.
On Thursday:
The S&P 500 fell 64.28 points, or 1.2 percent, to 5,147.21.
The Dow Jones Industrial Average fell 530.16 points, or 1.4 percent, to 38,596.98.
The Nasdaq composite fell 228.38 points, or 1.4 percent, to 16,049.08.
The Russell 2000 index of smaller companies fell 22.38 points, or 1.1 percent, to 2,053.80.
For the week:
The S&P 500 is down 107.14 points, or 2 percent.
The Dow is down 1,210.39 points, or 3 percent.
The Nasdaq is down 330.38 points, or 2 percent.
The Russell 2000 is down 70.72 points, or 3.3 percent.
For the year:
The S&P 500 is up 377.38 points, or 7.9 percent.
The Dow is up 907.44 points, or 2.4 percent.
The Nasdaq is up 1,037.73 points, or 6.9 percent.
The Russell 2000 is up 26.75 points, or 1.3 percent.
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