Dow drops on US economy worries; Japanese stocks suffer worst crash since 1987

Specialist Dilip Patel works at his post on the floor of the New York Stock Exchange, Monday, Aug. 5, 2024. Nearly everything on Wall Street is tumbling as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.

Over time, lower Fed rates should reduce borrowing costs for consumers and businesses, including mortgage and auto-loan rates. last month by much more than economists expected. That was the latest piece of data on the U.S. economy to come inProfessional investors cautioned that some technical factors could be amplifying the action in markets, but the losses were still neck-snapping. South Korea’s Kospi index careened 8.

Some of Wall Street’s recent declines may also simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on atechnology and hopes for coming cuts to interest rates. Critics have been saying for a while that the stock market looked expensive after prices rose faster than corporate profits.

Still, stocks of companies whose profits are most closely tied to the economy’s strength took sharp losses on the fears about a slowdown. The small companies in the Russell 2000 index dropped 3.7%, further dousing what had been a revival for it and other beaten-down areas of the market.

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