U.S. stocks slumped after a Federal Reserve official raised the possibility of delivering none of the cuts to interest rates this year that Wall Street has been banking on, if inflation worsens. The S&P 500 dropped 1.2% Thursday for its worst day since February. It erased an earlier gain of nearly 1% that had brought it to the cusp of its record. The Dow swung 1.4% lower, and the Nasdaq composite lost 1.4%. Markets were already unsettled before Minneapolis Fed President Neel Kashkari expressed concern about inflation. Friday’s U.S. jobs report could shake the market further. Oil prices jumped, and Treasury yields sank.
