U.S. stocks tumbled to the lowest since August as another disappointing report fuelled fears that the American economy is slowing. Treasuries climbed with Gold and the Japanese Yen on demand for haven assets. The S&P 500 suffered its first back-to-back drops of more than 1% this year, pushing its two-day slump to the most in two months, as private payrolls fell short of estimates a day after a manufacturing gauge slumped to the lowest in a decade. The index plunged below 2,900 and took out its average price for the past 100 days, levels it hadn’t breached in a month. Carmakers sank after quarterly sales reports from Ford and General Motors added to concern over thinning profit margins in the industry. All S&P 500 sectors but one sank more than 1%, with industries most sensitive to economic growth dropping the most. Tech and industrials plunged 2%. The Dow Jones Industrial Average tumbled nearly 500 points. The hiring numbers pushed the 10-year Treasury yield lower for a fifth straight day as it pushed below 1.6%. The Japanese Yen rose versus the US Dollar and Gold spiked above $1,500. The equity rout spread to Europe, where the Stoxx 600 saw its biggest slide in 10 months and the FTSE 100 dropped the most since 2016. Oil fell below $53 a barrel after a report showed U.S. crude inventories increased.
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