Stock market today: Worries about the economy hit Wall Street, and the Dow drops nearly 500 points

NEW YORK — U.S. stocks tumbled after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before undercutting the economy’s growth. The S&P 500 sank 1.4% Thursday after a report showed U.S. manufacturing activity is still shrinking. The Dow Jones Industrial Average fell 1.2%, and the Nasdaq composite dropped 2.3%. The action was even stronger in the bond market, where the yield on the 10-year Treasury yield sank below 4% after data showed more U.S.

Together, the data likely remove upward pressure on inflation and give more leeway for the Federal Reserve to cut interest rates soon. A day earlier, yields sank after Fed Chair Jerome Powell gave the clearest indication yet that inflation may have slowed enough for an easing of rates to begin in September.

The weak economic numbers raise the stakes for an already highly anticipated report coming on Friday. Economists expect it to show a slight slowdown in U.S. hiring last month, and Wall Street's hope is for a Goldilocks type of reading that is neither so hot that it puts upward pressure on inflation nor so cold that it worsens worries about a possible recession.

The S&P 500 would have dropped even more Thursday if not for Meta Platforms. The company behind Facebook and Instagram climbed 4.1% after reporting profit and revenue for the latest quartre that topped analysts’ expectations.

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