US STOCKS-Stocks Slump in August Kick-Off as Data Reignites Slowdown Worries

WALL STREET - NEW YORK. U.S. stocks kicked off August sharply lower after a round of economic data on Thursday spurred concerns the economy may be slowing faster than anticipated while the Federal Reserve maintains a restrictive monetary policy.

Equities initially opened higher, buoyed in part by gains in Meta Platforms META.O after its quarterly results topped expectations and the Facebook parent issued an upbeat outlook for the third quarter. Its shares closed 5.87% higher as the biggest boost to the S&P 500.