Pursuits
U.S. Stocks Tumble as Commodities Enter Bear Market on Economy
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U.S. stocks tumbled, while commodities entered a bear market, after signals of a global slowdown in manufacturing added to disappointing housing and labor market data at the world’s largest economy.
Alcoa Inc. and Chevron Corp. slumped at least 3.4 percent to pace losses in commodity shares. Bed Bath & Beyond Inc. plunged 17 percent as its earnings forecast trailed estimates. ConAgra Foods Inc. rose 2.7 percent as the maker of Hebrew National hot dogs forecast profit that beat estimates. Standard & Poor’s 500 Index futures expiring in September rose 0.2 percent at 5:43 p.m. New York time as bank credit downgrades announced by Moody’s Investors Service matched expectations.