Treasury yields also fell sharply, amid fears of a weakening economy and uncertainty from the US president’s trade policy
Stocks slumped in afternoon trading on Wall Street on Friday and US Treasury yields fell sharply after the government reported a sharp slowdown in hiring last month.
Markets are also reacting to the latest tariff news. US President Donald Trump once again extended the date at which punishing import taxes will take effect for a long list of countries. The tariffs are now expected to take effect on August 7 for countries that have yet to make a deal with the US.
The S&P 500 fell 1.2 per cent. The decline marks a sharp shift for the index, which has not fallen by more than 1 per cent since June. It is also on track for a weekly loss following last week’s record-setting streak.
The Dow Jones Industrial Average fell 451 points, or 1 per cent as of 12.01pm. The Nasdaq composite fell 1.6 per cent.
