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Daily Open: Stocks fall; 10-year Treasury yield drops; Apple beats Street while Amazon disappoints

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U.S. stocks fell sharply on Thursday as weaker-than-expected jobs and manufacturing data sparked concerns about a rapid economic slowdown.

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeindex dropped 3%. Market sentiment headed south after a Labor Department report showed initial jobless claims at their highest levels since August last year, while theas investors digested weak job numbers and braced for a September rate cut by the U.S. Federal Reserve.

Most analysts predict the fall in job creation to be modest and in line with the gentle downshift the Fed is looking to engineer. "If the Fed was going to manufacture the soft landing, this is probably what it was going to look like," said Mike Reynolds, vice president of investment strategy at Glenmede.as part of a $10 billion cost-cutting plan. The company also said that it will not pay its dividend in the fiscal fourth quarter of 2024 and that it will lower full-year capital expenditures by over 20%.

"Our credit card data suggests that the category correction now mirrors the magnitude of the peak to trough decline the home furnishing space experienced during the great financial crisis," Wayfair CEO Niraj Shah said in a news release.

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