Richard Drew/AP
US stocks experienced a decline following a disappointing July jobs report that raised concerns about a potential economic slowdown.
In July, the US added 114,000 jobs, falling short of the anticipated 175,000, and the unemployment rate unexpectedly rose to 4.3%.
Weaker earnings reports from Intel and Amazon also contributed to the downward trend in the stock market on Friday.
The weak July jobs report has cast a shadow over the economy’s growth prospects, leading to a drop in US stocks as investors worry about a possible soft landing.
The 10-Year US Treasury yield plummeted by nearly 20 basis points to a low of 3.80% in 2024 after the release of the jobs report.
The significant slowdown in payrolls and the rise in the unemployment rate are likely to prompt an interest rate cut in September, fueling speculation that the Fed may initiate its easing cycle with a 50 bp cut or…
2024-08-02 16:44:46
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