S&P Heads for Worst Day Since January

Stocks dropped on Friday as jitters over the global economy were sparked by dreadful manufacturing data out of Europe and the Federal Reserve's cautious outlook on the U.S. economy.

The Dow Jones Industrial Average plummeted 381.98 points, or 1.5%, to steer into noon at 25,580.53, as Nike and Boeing shares underperformed.

The S&P 500 dumped 45.15 points, or 1.6%, to 2,809.73, led by declines in the energy and financials sectors, as the broad index headed for its worst day since Jan. 3.

The NASDAQ Composite dropped 155.57 points, or 2%, to 7,682.35

Nike shares also pressured stocks. The athletic apparel company's stock fell 5.3% on the back of weak quarterly sales growth in North America.

Boeing shares also dropped 2% after Indonesian airline Garuda canceled a $6-billion order for 49 Boeing 737 Max jets.

Prices for the benchmark 10-year U.S. Treasury spiked, weighing yields to 2.42% from Thursday’s 2.54%. Treasury prices and yields move in opposite directions.

Oil prices fell $1.37 to $58.61 U.S. a barrel.

Gold prices added $4.40 to $1,311.70 U.S. an ounce.