US stocks slid Friday as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.
The Dow Jones Industrial Average fell 400 points, or nearly 1%. The S&P 500 dropped 1.4%, while the Nasdaq Composite lost 2.3%.
July job growth in the U.S. slowed more than expected, while the employment rate rose to the highest since October 2021. Nonfarm payrolls grew by just 114,000 last month, the Labor Department reported, a slowing from 179,000 jobs added in June and below the 185,000 expected by economists polled by Dow Jones. The unemployment rate increased to 4.3%.
Chip giant Intel reported its second quarter earnings after the bell on Thursday, missing on the top and bottom lines and announcing a $10 billion cost reduction plan to cut 15% of its workforce and suspend dividend payments. In a release, Intel said it expects Q3 revenue of between $12.5 billion and $13.5 billion, well short of analysts' expectations of $14.3 billion.
Shares of the chipmaker plummeted 24% in morning trading Friday.
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