the Dow was on track for its biggest two-day percentage fall since early March 2023.
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
With fresh evidence of a weakening labor market, traders are now betting the Federal Reserve will deliver a big half-percentage-point rate cut in September, versus the 25-bps cut expected before the data.US economy added a paltry 114,000 jobs in July, unemployment spikes to 4.3%“Now the question isn’t will they cut in September, but by how much.
Other megacaps such as Microsoft and Alphabet shed around 2% each. Meta also dropped, losing 1.0% after soaring on Thursday after upbeat results.
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