As economic data caused worries that the Federal Reserve might increase interest rates sooner than some have expected, the U.S. S&P 500 stock index fell to its worst daily low since April on Thursday. This was also its first monthly drop since January, reports Reuters.
The index lost 39.4 points or 2.0 percent, to 1,930.67 and was down 1.5 percent for the month.
Reuters reports that conflicts in economies overseas added to a bearish tone, as Argentina defaulted on its debt for the second time in 12 years.
Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey said, "If we start to see wages moving higher that's got a be a signal that we are getting closer to the Fed's mandates," according to Reuters.
S&P 500 index futures shed two points, or 0.1 percent, to 1922. However, movements in stock futures don't consistently produce accurate forecasts of stock changes after the opening bell, reports The Wall Street Journal.
The S&P 500 marked its biggest daily percentage drop since April 10. After signs of the likelihood of continued weakness in the future, the index closed below its 50-day moving average for the first time since April 15.
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