Stock market news today: Nasdaq falls 10% from record high after disappointing jobs report

US stocks tumbled across the board on Friday as the July jobs report showed more cooling in the labor market, fueling concerns the Federal Reserve's "higher for longer" interest-rate stance might end in recession. The Nasdaq Composite dropped as much as 2.6% after the jobs report's release, plunging the index into correction territory, as it has lost more than 10% from its recent high in early July.

3%, the Bureau of Labor Statistics' nonfarm payrolls report for July showed. Those additional signs of a slowdown in the labor market are likely to feed recession fears and rate-cut expectations. Traders are pricing in three rate cuts this year — in September, November, and December — and bets are on a 50 basis-point reduction in September. The yield on the benchmark 10-year Treasury dived further below the 4% level after the labor-market update, trading around 3.84%.

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