Dow loses more than 750 points, Nasdaq enters correction after weak jobs report: Live updates
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Stocks fell sharply on Friday with the S&P 500 dropping 2.1% and the Nasdaq Composite losing nearly 2.6% after a weaker-than-expected jobs report for July raised concerns of a recession. The Dow Jones Industrial Average fell 785 points, or almost 2%. Nonfarm payrolls grew by just 114,000 last month, below the expected 185,000. The unemployment rate increased to 4.3%. The 10-year Treasury yield fell to its lowest since December. Amazon's Q2 results sparked investor concerns about Big Tech's AI-related capital spending. The Nasdaq entered correction territory, down more than 10%. Bank stocks were also hit hard. Morgan Stanley sees a narrowing path to a goldilocks scenario for equities. BlackRock's CIO of global fixed income believes the Fed should have cut rates already. Chevron stock is under pressure after earnings miss and Hess deal delays. The Japanese Nikkei 225 suffered a 5.8% drop. The odds of a half-point rate cut in September soared. Intel shares plunged 20% after weak earnings and layoffs. U.S. crude oil fell more than 3%. Utilities were the best-performing sector for the week. Bitcoin traded higher amid the sell-off in stocks. Stock futures were lower on Thursday night.
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https://www.cnbc.com/2024/08/01/stock-market-today-live-updates.html
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