Stocks slump after report showing sharp drop in U.S. hiring

Fear, long absent in financial markets as investors bet on a soft landing for the U.S. economy, is back in the air on Wall Street.Stocks opened sharply lower Friday after new government data showed a steep decline in hiring in July, spurring concerns that economic activity is slowing faster than economists expected. Shortly after the start of trade, the blue-chip Dow Jones Industrial Average slid 461 points, or 1.1%, to 39,887. The broader S&P 500 sank 1.

Some analysts think the Federal Reserve has waited too long to lower interest rates, raising the risk of a 'hard landing' for the economy or even a recession. Economists also said signs that the job market is faltering makes it all but certain that the Fed will lower its benchmark rate in September in a move to ease borrowing costs and keep the economy from stalling. The central bank could cut by as much as 0.

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