*S&P 500, NASDAQ DROP AS RECESSION FEARS TAKE CENTER STAGE $DIA $SPY $QQQ 🇺🇸🇺🇸
), viewed as a bellwether for the industrial sector, dropped 1.8%, bringing its loss over the past two days to 7% as investors fretted about a potential economic downturn.
As well, the Institute for Supply Management's survey showed the services sector slowed more than expected last month on cooling demand, while a measure of prices paid by services businesses fell to a near three-year low.
Reflecting worries about the economy and recent turmoil in the banking sector, interest rate futures imply 61% odds that the Fed will cut interest rates from current levels by the end of its July meeting, according to CME Group's Fedwatch tool. Of the 11 S&P 500 sector indexes, seven declined, led lower by consumer discretionary, down 2.04%, followed by a 1.3% loss in industrials.
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