By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    First group of white South Africans lands in U.S. under Trump refugee plan
    First group of white South Africans lands in U.S. under Trump refugee plan
    May 13, 2025
    Seattle Storm set roster for 2025 season
    Seattle Storm set roster for 2025 season
    May 13, 2025
    Chiefs superfan Xaviar Babudar, or ‘Chiefsaholic,’ sentenced to more time in prison after bank robbery spree
    Chiefs superfan Xaviar Babudar, or ‘Chiefsaholic,’ sentenced to more time in prison after bank robbery spree
    May 13, 2025
    Where in the world are babies at the lowest risk of dying?
    Where in the world are babies at the lowest risk of dying?
    May 13, 2025
    Philippine president’s allies on course for most available Senate seats in election 
    Philippine president’s allies on course for most available Senate seats in election 
    May 12, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
    Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
    May 13, 2025
    Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
    Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
    May 13, 2025
    Bitcoin profit taking at 6K the first stop before new all-time BTC price highs
    Bitcoin profit taking at $106K the first stop before new all-time BTC price highs
    May 13, 2025
    Quantum computing a risk to Bitcoin network: Blackrock
    Quantum computing a risk to Bitcoin network: Blackrock
    May 13, 2025
    Will Bitcoin hodlers be the reason more countries adopt wealth taxes?
    Will Bitcoin hodlers be the reason more countries adopt wealth taxes?
    May 13, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Nasdaq slams into correction territory, Dow dives as jobs report stokes recession fears
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > Nasdaq slams into correction territory, Dow dives as jobs report stokes recession fears
Nasdaq slams into correction territory, Dow dives as jobs report stokes recession fears
Business

Nasdaq slams into correction territory, Dow dives as jobs report stokes recession fears

Published August 2, 2024
Share
4 Min Read
SHARE

U.S. stock indexes tumbled Friday, with the Nasdaq Composite (COMP:IND) driving into correction territory after the July’s jobs report underscored worries the U.S. economy is heading for a hard landing.

Nasdaq Composite (COMP:IND) was -2.8%, the S&P 500 (SP500) was -2.5%, and the Dow Jones Industrial (DJI) was -2.4%, losing more than 900 points. Intel (INTC) was the worst-performing stock on each index, crashing nearly 30% after its quarterly financial update. The Consumer Discretionary sector (XLY) dropped more than 5%, leading all 11 S&P 500 (SP500) groups lower.

The Nasdaq Composite (COMP:IND) and Nasdaq-100 (NDX) -home to mega-cap and AI tech leaders including Nvidia (NVDA) – were on track to confirm a correction, with each down at least 10% from their all-time highs logged in July.

Friday’s selloff was ignited after the nonfarm payrolls report showed the economy added 114K jobs in July, markedly less than the 180K economists had expected and cooling from 179K in June. The unemployment rate rose to 4.3% vs. the 4.1% expected.

“The ongoing deterioration in the jobs market was on full display in the July Employment report,” Wells Fargo Senior Economists Sarah House and Michael Pugliese said in a note. “The unemployment rate jumped to 4.3% to formally surpass the Sahm Rule threshold historically associated with the economy being in a recession.”

In another gauge of Friday’s selloff, Wall Street’s volatility gauge (VIX) jumped to 25 for the first time since March 2023. J.P. Morgan on Friday said it now expects the Fed to cut the fed funds rate by 50bp at both its September and November meetings, followed by 25bp cuts at every meeting after that.

“There are only two words that come to mind when you look at the US NFP data, which are: growth scare and terrible number,” Naeem Aslam, chief investment officer at Zaye Capital Markets, said in a note. “Looking at the numbers, it is very clear now that the Fed has made another policy mistake and rates should have been cut, and there is no time left. In other words, now traders and investors are worried about recession fears.”

On the Treasury front, the 10-year Treasury yield (US10Y) fell 15 basis points to 3.83%. The 2-year yield (US2Y) slid 26 basis points to 3.89%. The US10Y has now fallen to its lowest level in 2024 while the US2Y breaks below 4%. See how Treasury yields have done across the curve on the Seeking Alpha bond page.

Stocks dropped sharply Thursday as soft economic data reignited questions about the Federal Reserve’s decision to wait longer on cutting interest rates.

Among individual movers, Intel (INTC) crashed -27%, after the semiconductor makers issued weaker-than-expected guidance for the current quarter, said it’s laying off workers and suspending its dividend.

Amazon (AMZN) dropped -11%, after it reported mixed Q2 earnings and Q3 guidance that came below the consensus.

Apple (AAPL) gained +2.6% offered some respite after its Q3 results topped expectations.

#Nasdaq #slams #correction #territory #Dow #dives #jobs #report #stokes #recession #fears

TAGGED:CorrectiondivesDowfearsjobsNasdaqrecessionreportSlamsstokesterritory
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Sharpe AI Announces $SAI Token Listing on Gate.io Sharpe AI Announces $SAI Token Listing on Gate.io
Next Article World of photos, August 3, 2024 World of photos, August 3, 2024
- Advertisement -

Latest Post

First group of white South Africans lands in U.S. under Trump refugee plan
First group of white South Africans lands in U.S. under Trump refugee plan
World News
Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
Cryptocurrency
Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Cryptocurrency
Seattle Storm set roster for 2025 season
Seattle Storm set roster for 2025 season
World News
Bitcoin profit taking at 6K the first stop before new all-time BTC price highs
Bitcoin profit taking at $106K the first stop before new all-time BTC price highs
Cryptocurrency
Chiefs superfan Xaviar Babudar, or ‘Chiefsaholic,’ sentenced to more time in prison after bank robbery spree
Chiefs superfan Xaviar Babudar, or ‘Chiefsaholic,’ sentenced to more time in prison after bank robbery spree
World News
- Advertisement -

You Might Also Like

Chipotle CEO says ‘generous portions’ will become standard after people blasted its skimpy serving sizes on social media
Business

Chipotle CEO says ‘generous portions’ will become standard after people blasted its skimpy serving sizes on social media

July 25, 2024
Not all asset managers can handle the responsibility of direct lending
Business

Not all asset managers can handle the responsibility of direct lending

August 23, 2023
Microsoft’s generative AI push could cause a revenue ‘tidal wave’ for the tech giant
Business

Microsoft’s generative AI push could cause a revenue ‘tidal wave’ for the tech giant

July 22, 2023
The wait for an elusive recession is getting costly for big-name money managers bullish on bonds. They’re doubling down 
Business

The wait for an elusive recession is getting costly for big-name money managers bullish on bonds. They’re doubling down 

August 21, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?