Stocks Decline as Data Show a Still-Hot Economy: Markets Wrap
- Manufacturing data unexpectedly up; job openings remain high
- Bonds extend fall amid rate-hike wagers; European stocks slide
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US equities started the month lower after a strong set of data suggested the Federal Reserve has not yet slowed growth enough to tamp down inflation, while JPMorgan Chase & Co.’s Jamie Dimon warned restrictive policies threaten to tip the economy into recession.
The S&P 500 fell 0.8% as data showed an unexpected advance in US manufacturing activity as well as exceptionally high job openings, fueling concern the Fed will need to get more restrictive to slow runaway price gains. Financial firms in the index slid 1.7% after Dimon said private borrowers may be stranded as conditions tighten.