Stock Market Today: Dow Sinks 611 Points on Rising Recession Fears

Category: Finance

Stocks experienced a sharp selloff due to weak hiring and rising unemployment, leading to concerns about the Federal Reserve's interest rate decisions. The Nasdaq-100 entered correction territory, and major tech stocks like Amazon and Intel faced significant declines. The labor market's weakness is increasing pressure on the Fed to lower rates, with futures traders predicting a high probability of a half-point cut in September.

Keywords: Stock Market, Federal Reserve, Unemployment

Source: Kiplinger's Personal Finance

Update At: 8/3/2024

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