NEW YORK — A sell-off for stocks has made it all the way around the world, and Wall Street is tumbling again Friday on worries about whether the U.S. economy’s growth can hold up until the Federal Reserve cuts interest rates.
It was just a couple days ago that U.S. stock indexes jumped to their best day in months after Fed Chair Jerome Powell gave the clearest indication yet that inflation has slowed enough for cuts to interest rates to begin in September. Now, worries are rising that the Fed kept its main interest rate at a two-decade high for too long in its zeal to stifle inflation. A rate cut could take months to a year to filter through the economy.
Several big technology companies turned in underwhelming profit reports, which continued a dispiriting run that began last week with results from Tesla and Alphabet. Helpfully for Wall Street, other areas of the stock market that had been beaten down by high interest rates were rebounding at the same time, particularly smaller companies. But they tumbled too on Friday on worries that a fragile economy could undercut their profits.In the bond market, Treasury yields fell sharply as traders raised their expectations for how deeply the Federal Reserve would cut interest rates at its next meeting in September. The yield on the 10-year Treasury fell to 3.
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