NEW YORK — Most U.S. stocks slumped after strong economic reports raised the possibility of interest rates staying painfully high. The weakness was widespread on Thursday and overshadowed another blowout profit report from market heavyweight Nvidia. The S&P 500 fell 0.7% and pulled further from its record set earlier this week. The Dow Jones Industrial Average tumbled more than 600 points, and the Nasdaq composite slipped 0.4%.
One preliminary report suggested growth in U.S. business activity is running at its fastest rate in more than two years. S&P Global said in its report that growth improved for businesses not only in the services sector but also in beaten-down manufacturing. With upward pressure on inflation now coming from both the manufacturing and service sectors, it suggests"the final mile down to the Fed’s 2% target still seems elusive,” according to Chris Williamson, chief business economist at S&P Global Market Intelligence.
Hopes are still high for at least one cut to rates this year. But traders pulled some back on some of those bets following Thursday's reports. VF Corp., the company behind The North Face, Vans, Timberland and other brands, fell 3.5% after reporting a loss for the latest quarter, along with weaker revenue than analysts expected.
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