Stock market today: Dow drops 600 on weak jobs data as a global sell-off whips back to Wall Street

Category: Finance

U.S. stocks experienced significant declines due to concerns over high interest rates impacting the economy. The S&P 500 fell 1.8%, marking its first back-to-back losses of at least 1% since April. A disappointing jobs report indicated slower hiring, raising fears of a recession. Major tech companies like Amazon and Intel reported weaker-than-expected earnings, contributing to the market downturn. Traders are now anticipating a 70% chance of a half-point rate cut by the Federal Reserve in September, despite Powell's reassurances about the economy's resilience.

Keywords: Stock Market, Interest Rates, Economic Outlook

Source: The Columbian

Update At: 8/3/2024

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