The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This significant drop is causing ripples across the financial market, highlighting the fragility of investor confidence in the face of economic uncertainties.
On the same day, 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. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This downward trend underscores the interconnectedness of major indices and the broader economic health.
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. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This data adds to the growing evidence of a weakening labour market, raising alarms about future economic stability.
With fresh evidence of a weakening labour market, traders are now betting the U.S. Federal Reserve will deliver a big half-percentage-point rate cut in September, versus the 25-bps cut expected before the data. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This shift in expectations reflects the market's reactive nature to economic indicators and policy decisions.
"Now the question isn't will they cut in September, but by how much. With the Sahm rule (a recession gauge) officially being triggered, both the talk of recession and criticism of the Fed will grow louder," said Jay Woods, chief global strategist, Freedom Capital Markets. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This sentiment captures the growing debate over monetary policy and economic strategies.
At 9:55 a.m. ET, the Dow Jones Industrial Average was down 458.84 points, or 1.14%, at 39,889.13, the S&P 500 was down 82.67 points, or 1.52%, at 5,364.01, and the Nasdaq Composite was down 405.96 points, or 2.36%, at 16,788.19. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. These figures highlight the broad-based impact of economic concerns on major indices.
Amazon.com slumped 11.7% after the company reported slowing online sales growth in the second quarter and said cautious consumers were seeking cheaper purchase options. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This drop in Amazon’s shares reflects consumer behaviour shifts and their effect on corporate performance.
Intel tumbled 26.7% after forecasting third-quarter revenue below estimates and suspending its dividend, starting in the fourth quarter. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. Intel's struggles signal broader challenges within the tech sector, especially concerning future growth projections.
Other chip stocks were also set to extend Thursday's losses. Nvidia fell 4.4%, Broadcom lost 3.3%, Micron Technology shed 5.7%, and Arm Holdings was down 6.3%. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. The semiconductor sector’s performance highlights the volatility and investor sensitivity to market news.
The Philadelphia SE Semiconductor Index hit a three-month low, falling 4.5%. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This index serves as a bellwether for the semiconductor industry, indicating broader economic challenges.
Apple inched 2.3% higher as it posted better-than-expected third-quarter iPhone sales and forecast more gains, betting on AI to attract buyers. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. Apple’s resilience amid market turmoil showcases the company’s strong consumer base and strategic foresight.
Eight of the 11 S&P 500 sub-indexes fell, with the Consumer Discretionary sector leading the losses and on track for its biggest one-day drop since Sept. 13, 2022. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This sector's decline underscores the economic pressures on consumer spending and confidence.
Other megacaps such as Microsoft and Alphabet shed around 2% each. Meta also dropped, losing 1.0% after soaring on Thursday after upbeat results. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. The performance of these tech giants reflects the sector’s vulnerability to market sentiment and economic indicators.
Concerns about the dominance of the "Magnificent Seven" group of stocks persist as earnings from most of these Big Tech companies have failed to enthuse investors, underlining fears of their valuations being inflated. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This scepticism points to a critical analysis of market valuations and investment strategies.
Wall Street's "fear gauge" breached the long-term average level of 20 points to touch its highest mark since last October. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. The elevated fear gauge indicates heightened market anxiety and potential for increased volatility.
The Russell 2000 small-cap index was down 3.3%, hitting a three-week low, and was also set for its biggest two-day percentage drop since June 2022. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. The small-cap index’s performance reflects broader market stress and economic apprehensions.
Among other movers, Snap lost 22.8% after forecasting current-quarter results below expectations. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. Snap’s significant drop highlights the impact of disappointing forecasts on stock performance.
Chevron Corp slipped 1.6% after the oil giant missed estimates for second-quarter profit, hurt by weak refining margins. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. Chevron’s decline underscores the challenges faced by energy companies amid fluctuating market conditions.
Declining issues outnumbered advancers for a 3.04-to-1 ratio on the NYSE, and by a 5.28-to-1 ratio on the Nasdaq. The Nasdaq Composite 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 U.S. economy, while Amazon and Intel's downbeat forecasts dampened sentiment. This market breadth indicator points to widespread selling pressure and investor caution.
The S&P index recorded 55 new 52-week highs and 11 new lows, while the Nasdaq recorded 22 new highs and 172 new lows. The Nasdaq Composite was set to plunge into a correction on Friday, falling more than 10% from
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