Stocks hammered after this week's labor data shows investors treating 'bad news as bad news'

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Michael Kantrowitz,Nasdaq Composite

Expectations for more Federal Reserve interest rate cuts are rising, but markets are selling off on the news, marking a shift in how investors are digesting ...

) is down more than 5%. The moves extended a previous drawdown in the Nasdaq, with the index entering a correction after falling more than 10% from its latest high reached in mid-July.

"The Fed needs to guard against a scenario where the rise in the unemployment rate triggers a reinforcing cycle of reduced incomes and spending and more job losses," Oxford Economics' lead US economist Nancy Vanden Houten wrote in a note to clients on Friday."With the benefit of hindsight, it’s easy to say the Fed should have cut this week," JPMorgan chief US economist Michael Feroli wrote in a note to clients on Friday. "It’s also easy to say they will cut soon.

To Paris With Love: Jordan Brand Debuts Three Drops Inspired by the Audacious Identities of Old and New Parisian GenerationsNorth Dakota voters will decide this fall whether to eliminate property taxes in what would be a first for a state and a major change that officials initially estimate would require more than $1 billion every year in replacement revenue.

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