At Midday: Wall Street tumbles as yield curve inverts; TSX on pace for worst day in two months

Wall Street’s main indexes declined about 1 percent on Friday after a raft of weak manufacturing data from the United States and Europe led to a yield-curve inversion, stoking fears of an economic slowdown.

“Right now there are clearly enough signs to be cautious about a number of factors that can potentially cause an economic recession,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. The Federal Reserve this week abandoned projections for any interest rate hikes this year, as policymakers see a U.S. economy that is rapidly losing momentum.

Declining issues outnumbered advancers for a 2.82-to-1 ratio on the NYSE and for a 3.90-to-1 ratio on the Nasdaq. Domestic economic data showed Canada’s annual inflation rate edged up to 1.5 percent in February, but remained below the Bank of Canada’s 2.0 percent target for the second successive month.

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