Stocks experienced a downward trend on Friday morning following the release of July jobs figures, causing concern among investors about the possibility of a recession. Amazon.com (AMZN) suffered a significant drop in its stock price due to poor earnings, while Apple (AAPL) managed to gain from its performance on the market today.
The Dow Jones Industrial Average, S&P 500, and Nasdaq all saw notable losses, with the Nasdaq composite facing the most significant decline, dropping by 3%. The tech-heavy index fell below its 50-day moving average, indicating a challenging period for tech stocks. Similarly, the S&P 500 tumbled by 2.3%, breaching its 50-day line. The Dow lost 2%, shedding almost 800 points, and went below its 21-day exponential moving average. Furthermore, the small-cap Russell 2000 also faced a downturn, retreating by 4%.
The bond market saw the 10-year Treasury yield drop to 3.82%, marking a yearly low, while U.S. crude oil prices declined to around $73.60 per barrel. The disappointing July nonfarm payrolls, which showed job growth lower than expected, contributed to investor concerns about a potential recession. The unemployment rate rising to 4.3% instead of the anticipated 4.1% added to these fears.
Stock market darlings like Apple, Amazon.com, and Nvidia dominated trading activities. Amazon.com’s stock plummeted by nearly 12% after missing sales estimates, while Apple stock rose by over 2% following better-than-expected fiscal third-quarter results. Nvidia’s shares continued their downward trend, losing 5% in addition to the previous day’s decline.
DoorDash and Intel were among the companies making headlines, with DoorDash recording a strong performance, while Intel saw a substantial decline. Snap also experienced a significant drop following disappointing second-quarter sales.
Overall, the market showed mixed performances from different companies, indicating the ongoing volatility and uncertainty among investors.
