2/8/2024–|Last update: 2/8/202406:43 PM (Makkah Time)
U.S. stocks fell sharply at the open on Friday after weak jobs data added to concerns about a slowing economy.
Shares of Amazon.com Inc. and Intel Corp. saw big declines on disappointing forecasts.
The Dow Jones Industrial Average fell 272.6 points, or 0.68%, to 40,075.33 at the open.
The Standard & Poor’s 500 lost 70.1 points, or 1.29%, to 5,376.63, while the Nasdaq Composite Index fell 413.7 points, or 2.41%, to 16,780,446.
Meanwhile, the dollar fell after a weaker-than-expected jobs report in July, raising expectations that the Federal Reserve will cut interest rates by 50 basis points in September to prevent a sharp economic slowdown.
Employers added 114,000 jobs in July, less than the 175,000 expected.
The unemployment rate rose to 4.3%, beating economists’ expectations for it to remain unchanged at 4.1%.
The dollar index, which measures the strength of the US currency against a basket of six currencies, fell about 2% to 102.97 points, its lowest level since March 21.
The euro rose 0.9% to $1.0888.
The dollar fell 1.23% to 147.53 yen, after earlier touching 147.02 yen, its lowest level since March 12.
