Stocks slump after report showing sharp drop in U.S. hiring

Fear, long absent in financial markets as investors bet on a soft landing for the U.S. economy, is back in the air on Wall Street.Stocks opened sharply lower Friday after new government data showed a steep decline in hiring in July, spurring concerns that economic activity is slowing faster than economists expected. Shortly after the start of trade, the blue-chip Dow Jones Industrial Average slid 461 points, or 1.1%, to 39,887. The broader S&P 500 sank 1.

Some analysts think the Federal Reserve has waited too long to lower interest rates, raising the risk of a 'hard landing' for the economy or even a recession. Economists also said signs that the job market is faltering makes it all but certain that the Fed will lower its benchmark rate in September in a move to ease borrowing costs and keep the economy from stalling. The central bank could cut by as much as 0.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Stocks nosedive as investors fret over signs of U.S. economic slowdownStocks fell sharply after new economic data raised concerns the economy could be slowing faster than expected.
Source: CBSHealth - 🏆 480. / 51 Read more »

Asia stocks slump on tech rout contagion, global uncertaintyAsia stocks slump on tech rout contagion, global uncertainty
Source: Investingcom - 🏆 450. / 53 Read more »

Major Chip Stocks Slump After Biden Reportedly Considers More Restrictions On Sales To ChinaSiladitya Ray is a reporter on the Forbes news team who covers major world news stories breaking overnight with a focus on technology and online platforms. He joined Forbes in 2020 and works in New Delhi.
Source: Forbes - 🏆 394. / 53 Read more »

Asian stocks slump on growth concerns; Nikkei hits 6-mth low in post-BOJ routAsian stocks slump on growth concerns; Nikkei hits 6-mth low in post-BOJ rout
Source: Investingcom - 🏆 450. / 53 Read more »