On Friday morning, the US markets experienced a decline following the release of a weaker-than-expected jobs report. This new data has raised concerns about a potential recession as investors are apprehensive about signs of a slowing economy.
Big Tech companies were among the hardest hit, with Amazon missing its second-quarter earnings estimates, causing its shares to plummet by over 9%. Intel also faced a significant drop of 25% after revising its forward guidance downwards. Microsoft and Nvidia were not spared either, as their shares also saw declines.
Investors sought refuge in bonds, leading to a decrease in Treasury yields as they moved away from stocks in search of a safer investment option.
The Dow Jones Industrial Average was down by 353 points, representing a 0.9% decrease. The broader S&P 500 index experienced a more substantial decline of 1.4%, while the tech-heavy Nasdaq Composite took the biggest hit, losing 2.3% of its value.
