U.S. stocks registered the worst session since 2022 after a string of weak economic reports jolted investor fears that a recession may be brewing.
All three of the major benchmarks fell over 1.5% with the Dow Jones Industrial Average, off nearly 1,000 points at midday before trimming losses to end down over 611 points. The tech-heavy Nasdaq Composite fell into correction territory, down 10% from its peak reached in July of 18,647, it lost 2.4% on the day. A paltry employment report which saw just 114,000 jobs created last month and an uptick in unemployment to 4.3% added fuel to the fire on Friday. Growth has been on the decline since May.
Shares of the online retailer lost over 8% the most since April 2022, as tracked by Dow Jones Market Data Group. On the flip side, consumer staples, considered more defensive, turned marginally higher late Friday while healthcare and utilities, also safer plays, fell the least. Additionally, the ISM Manufacturing report fell below 50, a sign of contracting, and the sector posted another month of job cuts in July, which brings the total loss to 1,700 since May.
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