Shares on Wall Street were lower today, the Associated Press reports, with futures for the S&P 500 down 1.3% and futures for the Dow Jones Industrial Average dropping 0.9%.
The retreat follows weak manufacturing data, which raised worries that the Federal Reserve may have waited too long to cut interest rates, increasing the risk of a recession. After the U.S. central bank held steady at a meeting this week, Fed Chair Jerome Powell said a cut could come in September.
A nearly 19% decline in Intel’s shares in aftermarket trading deepened the gloom. The chipmaker said it was cutting 15% of its workforce — about 15,000 jobs — to better compete with more successful rivals like Nvidia and AMD.
Benchmark U.S. crude oil gained 12 cents to $76.43 per barrel. Brent crude, the international standard, was up 12 cents at $79.64 per barrel.
The dollar fell to 148.77 yen early today from 149.37 yen late Thursday.
