Stock market today: Dow falls 1,000 points as recession fears fuel calls for interest rate cut

The major stock indexes in the U.S. fell more than 2% in early trading. The S&P 500 fell about 4%, while the tech-heavy Nasdaq dropped more than 6%. The Dow Jones Industrial Average fell roughly 1,000 points, or nearly 3%.

The market downturn triggered calls for a large interest rate cut at the Federal Reserve's next meeting in September. Some investors voiced an even more urgent request for a rare emergency rate cut as soon as this week.In early U.S. trading, chipmaker Nvidia plunged more than 14%. Apple fell more than 8%.

Employers hired 114,000 workers in July, falling well short of economist expectations of 185,000 jobs added, U.S. Bureau of Labor Statistics data on Friday showed. The unemployment rate climbed to 4.3%, the highest level since October 2021.

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