Stock market slides on mounting fears over U.S. economic growth

 

Stock markets in the U.S. opened sharply lower on Thursday amid mounting investor concerns about slowing economic growth and uncertainty over the impact of new Trump administration tariffs on Canada, China and Mexico.

The S&P 500 fell 83 points, or 1.4%, to 5,759 point shortly after the start of trade, while the blue-chip Dow Jones Industrials Average slid 1.2% and tech-heavy Nasdaq composite tumbled 1.7%.

Recent signals suggest the economy is weakening. Most worrying is a downturn in spending by American consumers, with federal data showing that retail sales across the U.S. dipped 0.9% in January.

The job market is also cooling down, while layoffs in February soared to their highest level since July 2020, according to new numbers from outplacement firm Challenger, Gray & Christmas. (READ MORE)