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The stock market fell on Thursday and bond yields fell as the ups and downs of the economic recovery disrupted the financial markets.

The Standard & Poor's 500 Index fell 1.6% at one point and then rebounded. By the end of the trading session, the index fell by about 0.9%, a relatively modest decline, but it was particularly prominent when compared with the relatively calm tone of the financial markets in recent weeks.

Before Thursday, the stock market had only fallen twice in the first 13 trading days, with the S&P 500 index in record-breaking areas most of the time. Thursday’s decline was Wall Street’s worst performance since mid-June.

But investors in the bond market have been expressing their concerns about the economy for several days. The yield on the 10-year US Treasury bond has fallen sharply since late June. This is a measure of the borrowing cost of the entire economy and a measure of growth prospects.

When traders buy bonds, the yield will drop, which is what they do when they worry about the economy or other factors that may threaten high-risk investments. On Thursday, the 10-year Treasury bond yield fell further, once fell to a low of 1.25%, and then slightly rebounded to 1.30%.

"People are increasingly worried about the strength of the economic recovery," said Edward Moya, a senior market analyst at the foreign exchange exchange Oanda. "The spread of the virus in other countries is beginning to show that we will not have a strong performance in the second half of the year."

Not long ago, investors were also worried about the prospect of overheating the economy as countries get rid of the blockade. A key indicator of inflation has become an important data point in the financial market, because continued price increases may prompt the Fed to start abandoning policies to support the economy.

Although the Fed said it is still far from this point, the minutes of the mid-June meeting released on Wednesday showed that Fed officials are increasingly divided on the way forward.

On Thursday, the Labor Department reported that the number of new jobless claims rose slightly to 370,000 last week, compared with 350,000 expected by economists.

Mr. Moya said: "This proves that we are far from making substantial further progress in the economy to ensure that the Fed cancels the easing policy argument."

The rise of the highly contagious coronavirus Delta variant is a reminder that although the number of infections and deaths in the United States is close to the lowest level since widespread testing, the epidemic still poses a threat to public health and the economy.

Last month, World Health Organization officials urged even fully vaccinated people to continue to wear masks and take other precautions. Officials in Los Angeles County resumed the mask policy, recommending that everyone wear masks in indoor public places.

On Wednesday, the Centers for Disease Control and Prevention estimated that the Delta variant now accounts for more than half of the new infections in the United States. On Thursday, Olympic organizers said they would ban spectators from participating in most events after announcing the establishment of NSW. The emergency in Tokyo is a clear reminder of how quickly the pandemic can disrupt plans.

The stock prices of economically oriented companies fell. Shares of JPMorgan Chase and many other banks fell 1.7%, while mining company Freeport-McMoRan fell 4.2% and railway operator CSX fell 6.2%.

Concerns about the pandemic are also reflected in the volatile trading of travel and travel companies, which fluctuates greatly on Thursday. Carnival Corp. fell 1.5%, while Norwegian Cruise Line fell 1%.

Investors are also tired of China's recent crackdown on technology companies. Policymakers in Beijing announced this week that they will strengthen supervision of Chinese companies, such as the ride-hailing app Didi, which is listed on overseas exchanges.

John Canavan, chief analyst at Oxford Economics, said: "This raises wider concerns about what China might use its global equity platform to do if they force more Chinese companies to withdraw from the global market. , It will bring risks.", said. "This may further exacerbate some equity issues."

On Thursday, Chinese technology stocks fell sharply. Car-hailing app Didi fell 5.8%, while truck-hailing app Full Truck Alliance fell 10.9%.