News Formal

Stock market news today: Sell-off in US futures picks up pace after jobs report shows cooling

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 21 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 36%
  • Publisher: 63%

Federal Reserve News

Labor Market,Jobs Report,Nasdaq 100 Futures

The flight from stocks is accelerating as Big Tech earning misses add to recession jitters in the countdown to the July jobs report.

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 dived 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 alike. Traders are pricing in three 25-basis-point cuts this year — in September, November and December — and bets are rising on one of them being 50 basis points. The yield on the benchmark 10-year Treasury dived further below the 4% level after the labor-market update, trading around 3.84%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market news today: Dow leads stock comeback from steep sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Stocks whipsaw after steep Big-Tech sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: US stocks steady after steep Big Tech-led sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: US futures steady after steep Big Tech-led sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Nasdaq dives as tech sell-off continues, Nvidia down 4%Earnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Nasdaq dives as tech sell-off continuesEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »