NEW YORK — 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.
Losses elsewhere in the world were nearly as neck-snapping. South Korea’s Kospi index careened 8.8% lower, stock markets across Europe sank more than 2% and bitcoin dropped 7%.That’s in part because traders are wondering if the damage has been so severe that the Federal Reserve will have to cut interest rates in an emergency meeting, before its next scheduled decision on Sept. 18. The yield on the two-year Treasury, which closely tracks expectations for the Fed, briefly dropped below 3.
Goldman Sachs economist David Mericle sees a higher chance of a recession within the next 12 months following Friday’s jobs report. But he still sees only a 25% probability of that, up from 15%, in part “because the data look fine overall” and he does not “see major financial imbalances.” Still, stocks of companies whose profits are most closely tied to the economy’s strength took heavy losses on the fears about a slowdown. The small companies in the Russell 2000 index dropped 4.3%, further dousing what had been a revival for it and other beaten-down areas of the market.
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