Recession fears leave stocks drifting toward weekly loss

more Americans filing claims for jobless benefits and manufacturing activity in the mid-Atlantic region slumping to its lowest level in nearly three years.

U.S. Treasuries have also rallied, with two-year yields extending Thursday's drop as investors turn for safety and bet the U.S. hiking cycle is all but over. Yields fall when prices rise. Two-year yields fell 4 bps to 4.128%.fell 0.9% and was down 1.7% for the week so far, its worst performance since bank stability worries gripped markets in the middle of March.

The U.S. Leading Economic Index, a gauge of future economic activity, also dropped to its lowest level since November 2020 overnight and it is signalling a recession starting mid-2023.

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