U.S. stocks kicked off August sharply lower as fresh data prompted fears of a worsening economic outlook.
Initial jobless claims rose the most since August 2023. The ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and a signal of economic contraction.The weak data led investors to worry the Federal Reserve may be behind the curve in cutting interest rates to fend off a recession.Cedric Chehab, global head of country risk at research firm BMI, said a combination of factors were at play amid souring market sentiment.
Chehab said one factor that some investors appeared to be forgetting was that there is typically a seasonal rise in equity market volatility between the period of July and October. Shane Oliver, head of investment strategy and chief economist at investment management firm AMP, said a correction appears to be getting underway.
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