A Chinese employee wears a protective mask as he sits in the showroom of an Apple Store after it closed for the day on February 1, 2020 in a shopping district in Beijing, China.Haibin Zhu, a China equity strategist at JPMorgan, also cut his China GDP growth estimate to 1% for the first quarter.
Caterpillar and Boeing — two bellwether stocks for the global economy — fell 2.3% and 1.2%, respectively. Disney and Goldman Sachs also dropped more than 1% each to pressure the Dow. Materials, energy and health care led the S&P 500 500 lower as each sector declined by at least 0.6%. "The biggest takeaway for investors is there are no monetary policy implications in this jobs report," said Jason Thomas, chief economist at AssetMark. "We're generating enough jobs to keep consumer confidence high and enough wage growth to bring in people from the sidelines."
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