Stocks hammered after this week's labor data shows investors treating 'bad news as bad news'

Summary

Certainly! Here are the key takeaways from the article:

Market Decline: Weaker economic data, including low US manufacturing activity and high unemployment claims, has led to a stock market decline. The S&P 500 and Nasdaq Composite have fallen significantly.
Shift in Market Sentiment: Investors are now treating bad news as negative, unlike before when it was seen as positive due to inflation concerns.
Interest Rate Expectations: Markets are pricing in more than four interest rate cuts by the Federal Reserve in 2024, with a 70% chance of a 50 basis point cut in September[^1^][1].
Bond Rally: Weak data has caused a rally in bonds, with the 10-year Treasury yield dropping to its lowest level since December 2023[^2^][2].