From Investing.com: 2024-08-02 16:03:50

The Nasdaq closed in correction territory Friday due to a weak jobs report, raising recession fears and volatility, slumping 2.5%. The Dow lost 611 points, while the S&P 500 and Nasdaq each dropped around 2%. The July jobs report saw only 114,000 jobs added, unemployment rose to 4.3%, and hourly wage growth slowed to 0.2%. Analysts predict a September rate cut from the Fed. VIX spiked to 15-month highs, while Treasury yields plunged to 3.79%. Intel and Amazon disappointed with weak earnings, but Apple shined with higher-than-expected revenue and profit. Snap also fell over 26% due to soft guidance.



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