Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
Stocks declined heavily in Friday trading following a weaker-than-expected jobs report. The Dow Jones Industrial Average fell 810 points, or 2.3%. The S&P 500 dropped 2.6%, while the Nasdaq Composite lost 3.1%. The U.S. added just 114,000 jobs in July, well below the 185,000 expected and down significantly 206,000. Meanwhile, the unemployment rate climbed from 4.1% to 4.3%. The bad data kept rolling in late Friday morning, as factory orders fell 3.3% according to the U.S.
Friday’s sell-off pushed the Nasdaq index, which represents tech stocks, into correction territory, down more than 10% from an all-time high set just a month ago. And the S&P's drop was its biggest since 2022. Leading Friday's pullback was Intel, which cratered 29% after announcing weak guidance and layoffs. Amazon also saw a large decline, sliding 12.5% after missing quarterly financial estimates and issuing a disappointing forecast.
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