Stocks slump after report showing sharp drop in U.S. hiring
CBSN
Fear, long absent in financial markets as investors bet on a soft landing for the U.S. economy, is back in the air on Wall Street.
Stocks opened sharply lower Friday after new government data showed a steep decline in hiring in July, spurring concerns that economic activity is slowing faster than economists expected.
Shortly after the start of trade, the blue-chip Dow Jones Industrial Average slid 461 points, or 1.1%, to 39,887. The broader S&P 500 sank 1.2%, while the tech-heavy Nasdaq Composite lost 2%, fueled by disappointing quarterly earnings from bellwethers such as Amazon and Intel.
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Top Justice Department official Emil Bove, who has been nominated for the federal appeals bench, testified before the Senate Wednesday that he never told department attorneys to ignore court orders, denying the account of a whistleblower.
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President Trump is holding a news conference Wednesday to cap off the NATO summit in The Hague, Netherlands, amid a tenuous ceasefire between Israel and Iran.