US stock futures 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. Dow Jones Industrial Average futures slumped 1.2%, or around 500 points, as a flight from stocks accelerated. S&P 500 futures sank 1.6%, while Nasdaq 100 futures dropped as much as 2.2% after the jobs report's release.
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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