Stock market news today: Nasdaq enters correction, Dow falls 600 points as disappointing jobs report shakes investors

US stocks tumbled across the board on Friday after the July jobs report showed a further cooling in the labor market, fueling concerns the Federal Reserve's "higher for longer" interest-rate stance might end in recession and that the central bank may have waited too long to start lowering rates. The Nasdaq Composite dropped 2.6% after the jobs report's release.

Traders are now pricing in three rate cuts this year — in September, November, and December — and bets are on a 50 basis-point reduction in September. The yield on the benchmark 10-year Treasury dropped further below the 4% level after the labor-market update, trading around 3.79%. News on individual stocks was just as downbeat as the economic data. Chipmaker Intel's bruising earnings report added to the pressure on stocks amid questions about the payoff of AI investments for Big Tech.

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