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↘ Nasdaq falls into correction as fresh job market data showing signs of trouble. According to July jobs report the US economy added fewer jobs than expected, while the unemployment rate unexpectedly rose to 4.3% - nearly 3-year high. Those additional signs of a slowdown in the labor market are likely to feed recession fears and rate-cut expectations. Traders are now pricing in three rate cuts this year and bets are on a 50 basis-point reduction in September. The 10-year Treasury yield fell to its lowest since December as investors flooded into bonds for safety on the fear the Federal Reserve made a mistake this week by keeping interest rates at current levels.

đŸ”œChip giant Intel plummeted more than 26% on Friday, finishing one of its worst trading days in 40 years. The massive declines followed a catastrophic Q2 report during which the company announced anticipated third quarter earnings below Wall Street expectations, and that it will be cutting 15% of its workforce and suspending its dividend payments amid a broader restructuring plan.The decline was among the stock's worst performances since at least 1982, according to available data from Bloomberg.

 

đŸ“± Amazon fell more than 8% Friday after the retail and cloud giant Q3 forecast fell short of expectations on both the top and bottom lines. Even as Amazon brought home earnings per share (EPS) of $1.26, beating estimates of $1.04 and nearly doubling profits from the same period last year, investors focused instead on the report's weaknesses. A bright spot of the report came from its cloud business, Amazon Web Services. AWS raked in $26.3 billion in revenue compared to the $26 billion expected and well above the $22.1 billion during the same time last year.

đŸ‡ŻđŸ‡”Japanese indexes lost more 5% on economic concerns. Nikkei and Topix driven down by signs of cooling in the U.S. economy and an interest-rate increase by the Bank of Japan. The fall, which was the largest since the tsunami that triggered the Fukushima nuclear disaster in 2011, wiped away almost $600 billion in market value, according to data compiled by Bloomberg. The yen is rising this week to a four-month high against USD, which in turn threaten to erode the earnings of exporters who drove the nation’s equities higher for much of this year.

S&P Movers:

📈Clorox +7%

📈Godaddy +7%

📈MarketAxess +6%

📉Intel -26%

📉Microchip -11%

📉Prudential Fin -10%

Market Data

📉 S&P 500 -1.8%

📉 NASDAQ -2.4%

📉 STOXX 600 -2.7%

📉 DAX -2.3%

📉 SHANGHAI -0.9%

📉 NIKKEI -5.8%

đŸ„‡ GOLD +0.1%

💛 BTC -3.5%

#July_NonFarmPayrolls_Shock