U.S. stocks continued their slide Wednesday morning, and was on pace for its worst daily drop in about six week, as data showing slower job creation added to concerns about economic growth and the effects of President’s Trump’s trade policies on manufacturing in particular.
Carmaker stocks fell after quarterly sales reports from Ford and General Motors added to concern over profit margins in the industry. All 11 S&P 500 sectors fell with industries sensitive to economic growth dropping most.
The Dow Jones Industrial Average was off 530 points, or 2.0%, to 26,040, while the S&P 500 index fell about 52 points or 1.86%, at 2,888. The Nasdaq fell 127 points, 1.6%, to 7,780.
The Dow and S&P 500 have now both broken below their 100-day moving averages.