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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