Fears of an economic slowdown persist
The Dow sank more than 400 points as Nike and Boeing underperformed. The S&P 500 fell 1.7 percent, led by declines in the energy and financials sectors, as the broad index headed for its worst day since Jan. 3. The Nasdaq slumped 2 percent.
Stocks dropped sharply Friday as jitters over the global economy were sparked by dreadful manufacturing data out of Europe and the Federal Reserve’s cautious outlook on the U.S. economy.
Nike shares also pressured stocks. The athletic apparel company’s stock fell 5.3 percent on the back of weak quarterly sales growth in North America.
Boeing shares also dropped 2 percent after Indonesian airline Garuda canceled a $6 billion order for 49 Boeing 737 Max jets.
IHS Markit said Friday that manufacturing activity in Germany dropped to its lowest level in more than six years in March. In France, manufacturing and services slowed down to their lowest levels in three months and two months, respectively. For the euro zone as a whole, manufacturing fell to its lowest level since April 2013.
