Indexes Pull Back Following Japan, Labor, Tech, Consumer Pull Back | Wall Street Today

August has officially started with bloody days, after the third session this month that saw dramatically declined markets Monday, with the Dow Jones Industrial Average Falling 1,033 points in one day and the Nasdaq dropping 7% over four days. Tech and consumer staples led the way lower, with Nvidia falling 6% and Amazon pulling back 4%.

The U.S. market was already down Friday by about 3% on each index, and further stress pushed it over the edge. The Middle East conflict between Israel and Iran also threatened to inflame further over the weekend.

Meanwhile, last week's macro numbers pointed to a rush of unemployment. The numbers showed non-farm payrolls dropped from the month before, the economy only added 114k jobs vs 175k forecast and 179k in June, according to the Bureau of Labor Statistics. The unemployment rate in July rose to 4.3%, compared to 4.1% last month. The Federal Reserve has looked extensively at the labor market as an indicator of its monetary policy and appetite for rate cuts.

The FOMC left rates unchanged last Wednesday, and after the release at 2 pm ET, Federal Reserve President Jerome Powell answered press questions and said if all goes well, the FOMC would consider a rate cut in September.

"For example, if inflation was moving down quickly or in line with expectations, growth remains reasonably strong, and the labor market remains consistent with its current condition, then I would think that a rate cut could be on the table at the September meeting,' Powell said.

What a red one it's turning out to be. August has proven painful overall, with only down sessions for Indexes. All 11 market sectors were in the red: here are stories from the herd on Wall St today, and here are moovin' stonks.