Market sell-off sparked by weak jobs data, earnings

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Market sell-off sparked by weak jobs data, earnings

Stocks (^GSPC) hovering around session lows with less than an hour before the close, after Friday’s weaker-than-expected jobs report sent markets into a downward spiral.

At its lowest, the Dow (^DJI) had shed more than 800 points. The tech-heavy Nasdaq (^IXIC) was the worst performer of the session, down more than 2.5% as mega-tech names like

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(AMZN) and Intel (INTC) plummeted post-earnings.

The July jobs report showed the US economy added 114,000 nonfarm payroll jobs in July – far fewer than than 175,000 expected by economists. The unemployment rate jumped more than expected, to 4.3% – its highest level since October 2021.

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This post was written by Kathleen Welch

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