Worries over whether authorities are being too cautious on cutting interest rates take effect as jobs growth slowdown weighs on sentiment
Hopes that markets were recovering some poise in afternoon trading in the United States were dashed with a late slump in the hour before markets closed. Photograph: Spencer Platt/Getty
Republicans including Donald Trump seized on the market moves to attack the Biden administration and Kamala Harris, the Democratic presidential nominee.“Voters have a choice – Trump prosperity or the Kamala Crash and Great Depression of 2024,” the former president wrote on Truth Social, his social media platform, in capital letters on Monday morning.
The S&P 500 finished the session with a loss of 3 per cent. It had been down as much as 4.3 per cent during the morning, but had trimmed its decline to about 1.8 per cent by lunchtime. The blue-chip Dow Jones Industrial Average was 2.6 per cent off. The Nasdaq Composite, which had tumbled 6.3 per cent shortly after the market opened, ended the day 3.4 per cent weaker.
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