U.S. stocks are poised to tumble for a third consecutive trading day amidst growing fears of an economic downturn, with Wall Street concerned about a sharp slowdown in hiring and weakening consumer spending. Before the start of trade on Monday, S&P 500 futures sank 3.1% and Nasdaq futures plunged 4.7%. Investors are fleeing the Big Tech names that until recently had powered the U.S. market higher: Apple fell more than 7% and Meta was down 6% in premarket trading. Chipmaker Nvidia tumbled 12.
'Investors have been watching household financial stress build for the past two years, but during that time, job growth remained above its December 2009-December 2019 average of 180,000 new jobs per month.'But Friday's jobs report showed that employers added only 114,000 new jobs last month, far fewer than the 175,000 jobs expected by economists, he noted.
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