Stocks drop, Nasdaq confirms correction as recession fears mount

The Labor Department said nonfarm payrolls increased by 114,000 jobs last month, well short of the 175,000 average forecast by economists polled by Reuters, and the at least 200,000 that economists believe are needed to keep up with population growth. The unemployment rate jumped up to 4.3%, near a three-year high.

"Obviously the jobs number is the big headline, but we seem to have officially entered at least a rational world where bad economic news is read as bad rather than bad economic news is read as good," said Lamar Villere, portfolio manager at Villere & Co. in New Orleans. The S&P 500 closed at its lowest level since June 4. Both the benchmark S&P index and the blue-chip Dow suffered their biggest two-day slides since March 2023.Chip stocks also continued their recent downdraft, and the Philadelphia SE Semiconductor Index closed at a three-month low after its biggest two-day slide since March 2020.

The S&P 500 posted 62 new 52-week highs and 15 new lows, while the Nasdaq Composite recorded 34 new highs and 297 new lows.

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