Stocks tumbled on Friday following a disappointing jobs report, with the Dow Jones Industrial Average dropping 810 points, the S&P 500 falling 2.6%, and the Nasdaq Composite losing 3.1%. The U.S. added only 114,000 jobs in July, well below the expected 185,000 and down significantly from the previous month. The unemployment rate also rose from 4.1% to 4.3%. Factory orders fell 3.3%, marking the biggest decline since April 2020.
The sell-off pushed the Nasdaq into correction territory and was the S&P’s biggest drop since 2022. Intel plummeted 29% after announcing weak guidance and layoffs, while Amazon slid 12.5% after missing financial estimates. This was the second consecutive day of major market declines, with stocks reacting to other weak economic data.
Rob Wile, a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com, reported on the market sell-off. Pia Singh and Hakyung Kim from CNBC also contributed to the news. Investors are closely watching economic indicators as they navigate market volatility and uncertainty.
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