Wall Street has been practically begging for interest-rate cuts, but investors might not like how they actually roll out.
The Dow was down 257 points, or 0.6%, after topping its August closing high shortly after the open. The S&P 500 was down 0.5% after closing at a record on Thursday. The Nasdaq Composite was down 0.3%.
Stocks initially surged at the open as traders cheered an August jobs report and revisions to June’s numbers that suggested the labor market has been stagnant in recent months. But rate cuts are only good if they come in time to buoy the economy.