Wall Street slides as gloomy data adds to fears

US stock indexes fell on Friday after data showed US business activity stalled in February, and a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds.

The IHS Markit's Purchasing Managers' index of services sector activity dropped to its lowest level since October 2013, signalling a contraction for the first time since 2016. The manufacturing sector also clocked its lowest reading since August.

Declines on Friday were led by heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc for a second straight day.


The S&P technology index dropped 1.5 per cent.