Wall Street closes lower on latest signs of slowing economy

Friday, March 31, 2023, Vol. 47, No. 14

NEW YORK (AP) — Stocks closed lower on Wall Street Wednesday and Treasury yields fell following the latest signals that the U.S. economy is slowing.

The S&P 500 slid 0.2% and the Nasdaq lost 1.1%. Reports on both services industries and the jobs market came in weaker than expected.

They add to a series of disappointing economic reports this week. Johnson & Johnson scored its biggest gain in over a year after proposing a big settlement related to its baby powder containing talc.

The yield on the 10-year Treasury fell as investors bet on a pause in Fed rate hikes.