U.S. Stocks Continue Decline Amid Disappointing Jobs Data and Earnings Reports

On Friday, U.S. stocks sharply declined, extending the sell-off from the previous session.

The Nasdaq hit a two-month low, dropping 2.9% to 16,700.49, the S&P 500 fell 2.2% to 5,326.18, and the Dow decreased 1.8% to 39,635.83.

The market's downturn follows a disappointing Labor Department report showing non-farm payroll employment increased by only 114,000 jobs in July, below expectations of 175,000.

Additionally, the unemployment rate rose to 4.3%, its highest since October 2021.

Concerns are growing that the Federal Reserve's delay in lowering interest rates could push the U.S. into a recession.

Negative earnings reports further fueled the sell-off.

Intel's shares dropped 28.4% after weaker-than-expected second-quarter results, and Amazon's shares declined following disappointing revenues and guidance.

Conversely, Apple shares rose after surpassing analysts' expectations.

Sector-wise, retail, semiconductor, and computer hardware stocks saw significant declines.

Retail stocks, led by Amazon, dragged the Dow Jones U.S. Retail Index down 6.0%, while the Philadelphia Semiconductor Index fell 5.0%, and the NYSE Arca Computer Hardware Index dropped 4.9%.

Financial, oil service, and networking stocks also experienced notable weakness.

Globally, Asia-Pacific markets dropped significantly, with Japan's Nikkei 225 down 5.8% and Hong Kong's Hang Seng down 2.1%.

European markets also fell, with Germany's DAX down 2.1%, France's CAC 40 down 1.3%, and the U.K.'s FTSE 100 down 1.1%.

In the bond market, treasuries rallied, pushing the yield on the ten-year note down 15.3 basis points to 3.824%.

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