The Dow plummeted more than 800 points, and the Nasdaq was set to plunge into a correction on Friday, falling more than 10% from its July peak after weak employment numbers aggravated worries of a slowdown in the US economy, while Amazon and Intel’s downbeat forecasts dampened sentiment.
The Dow plummeted more than 800 points, and the Nasdaq was set to plunge into a correction on Friday, falling more than 10% from its July peak after weak employment numbers aggravated worries of a slowdown in the US economy, while Amazon and Intel’s downbeat forecasts dampened sentiment.
The Dow Jones Industrial Average slumped 918 points, or 2.3%, to 39,429. The S&P 500 dropped 2.5%, and the Nasdaq slid 2.8%.
The S&P 500 hit its lowest level since July 11 and the Dow was on track for its biggest two-day percentage fall since early March 2023.
A Labor Department report showed nonfarm payrolls rose by 114,000 jobs in July, sharply lower than the 175,000 additions estimated by economists polled by Reuters. The unemployment rate ticked higher, to 4.3%, from 4.1% a month ago.
