How major US stock indexes fared Friday, 8/2/2024

Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation. The S&P 500 fell 1.8% Friday. The Nasdaq composite fell 2.4% and is now down 10% from its record set last month. The Dow Jones Industrial Average lost 1.5%. A report showed hiring by U.S. employers slowed much more than expected, sending fear through markets. Intel sank to its worst day in 50 years after reporting weaker-than-expected profits and suspending its dividend. Treasury yields tumbled as expectations built for how deeply the Federal Reserve will cut rates in September.