Nearly everything on Wall Street is tumbling Monday as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world. The S&P 500 was down by 4% in early trading, coming off its worst week in more than three months. The Dow Jones Industrial Average was down 1,197 points, or 3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite slid 5.5% to pull it 15% below its record set last month.
After leaving the federal funds rate steady last week, before several discouraging economic reports hit, Fed Chair Jerome Powell said officials “have a lot of room to respond if we were to see weakness” in the job market after raising their main rate to the highest level in more than two decades. Goldman Sachs economist David Mericle sees a higher chance of a recession following Friday’s jobs report.
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