Stock market today: Worries about the economy hit Wall Street, and the Dow drops nearly 500 points

NEW YORK (AP) — Just a day after rallying on hopes that the Federal Reserve is about to cut interest rates, U.S. stocks tumbled Thursday after weak data raised worries the Fed may have missed its window to do so before undercutting the economy’s growth.

The S&P 500 sank 1.4% after a report showed U.S. manufacturing activity is still shrinking, and its contraction is accelerating. Manufacturing has been one of areas of the economy hurt most by high rates, and the report from the Institute for Supply Management helped extinguish what had been gains for U.S. stock indexes early in the morning.

The Dow Jones Industrial Average dropped 494

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