U.S. stock indices declined following weak July payroll data and rising unemployment, with Amazon and Intel sliding on disappointing results while Powell signaled a potential rate cut in September.
Dow Jones, the S&P 500 and Nasdaq all plummeted on Friday, shook as the American economy added only 114,000 nonfarm payroll jobs in July - versus a predicted 175,000.
The unemployment rate rose to 4.3%, its higher level since October 2021.
The Dow lost 816 points or 2% to 39,540, the S&P 500 slipped 116 points or 2.16% to 5,328 and the Nasdaq fell 432 points or 2.52% to 16,761.
Out in the market, meanwhile, there were some stock-specific factors dragging some stocks down – notably, big hitters like Amazon and Intel were down due to disappointing earnings.
Amazon was down 9% to $167.17, and Intel shed 27% to $21.15.
Completing the trifecta, the market is also in second guessing mode as they eye the Federal Reserve, after the US central bank chair Chair Jerome Powell hinted that a rate cut in September is possible, depending on future economic data.
