Wall Street pointed sharply lower early Friday morning after a worse-than-expected government employment report spooked investors who were already panicked over signs of weakness in the U.S. economy.
An unemployment rate that ticked up to 4.3% in July — from 4.1% in June — added anxiety to the recent pessimism that had been weighing on markets and more specifically, technology stocks. Shares Apple were down 1.2% after it reported sales of its marquee product, the iPhone, remained on a downward slope, dipping 1% from last year.
The dollar fell to 147.33 yen early Friday from 149.37 yen late Thursday. It had recently traded above 160 yen. The euro rose to $1.0892 from $1.0789. South Korea's Samsung Electronics dropped 4.2% while another maker of computer chips and other components, SK Hynix, dropped 10.4%. Taiwan Semiconductor Manufacturing Co., the world's largest chip maker, lost 5.9%.
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