Stock market today: Weak US jobs data pummels markets as a global sell-off whips back to Wall Street

NEW YORK — U.S. stocks are tumbling Friday on worries about whether the U.S. economy’s growth can hold up until the Federal Reserve cuts interest rates, as a sell-off for stocks whips all the way around the world back to Wall Street.

It was just a couple days ago that U.S. stock indexes jumped to their best day in months after Fed Chair Jerome Powell gave the clearest indication yet that inflation has slowed enough for cuts to rates to begin in September. Traders are now betting on a nearly two-in-three chance that the Fed will cut its main interest rate by half a percentage point in September, according to data from CME Group. That's even though Powell said on Wednesday that such a deep reduction is “not something we're thinking about right now.”

Amazon fell 12.1% after reporting weaker revenue for the latest quarter than expected. The retail giant also gave a forecast for operating profit for the summer that fell short of analysts’ expectations. The yield on the two-year Treasury, which more closely follows expectations for Fed action, fell to 3.89% from 4.15% late Thursday and is back to where it was in May 2023.“While worries of a policy mistake are rising, one negative miss shouldn’t lead to overreaction,” according to Lara Castleton, U.S. head of portfolio construction and strategy at Janus Henderson Investors.

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