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

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%.

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