Stock market news today: Stocks slide after weak economic data as 10-year yield falls below 4%

US stocks fell on Thursday as weak economic data trickled in, despite better than expected Meta results and hints from the Federal Reserve of a September rate cut. The S&P 500 fell almost 1%, while the tech-heavy Nasdaq Composite erased earlier gains to drop more than 1% after closing Wednesday with hefty gains. The Dow Jones Industrial Average dropped almost 500 points, or 1.3%. The 10-year Treasury yield moved below the 4% level for the first time since February, hovering near 3.98%.

Stocks initially moved higher after Fed chair Jerome Powell bolstered the market's confidence in a September interest-rate cut, saying it "could be on the table." Traders mostly expect a 25-basis-point reduction, but bumped up bets on a 50-basis-point move after policymakers held rates steady.

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