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Market Decline Punctuated by Historic Lows For Intel, Job Market | Wall Street Today

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Market Decline Punctuated by Historic Lows For Intel, Job Market | Wall Street Today
The market took a hit Friday following a week of shakey earnings reports. Intel and Amazon earnings disappointed investors and job data spawned fears of recession. The Dow Jones Industrial Average fell 600 points, with $Intel(INTC.US)$ dropping the most in one day than it has in decades; its lowest price today was one not seen since 2013.
For the week, the $S&P 500 Index(.SPX.US)$ fell 3.18%, the $Dow Jones Industrial Average(.DJI.US)$ fell 2.71%, and the   $Nasdaq Composite Index(.IXIC.US)$ fell 4.68%. 8900 equities declined overall, with just 2800 gaining.
MACRO
The only solace in a sea of red was labor numbers, and they also spelled fears of recession. Friday data showed U.S. Jul. Non-Farm Payrolls 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. Rate cuts in the future might help ease recession fears.
The CBOE Volatility Index, popularly known as the market's fear gauge, surged over 30% to reach the high-20 levels.
Thursday, according to the Labor Department, Initial applications for US unemployment benefits jumped to 249,000 last week, the highest level in a year. Continuing claims, a number that is analogous to unemployment, rose to 1.88 million, the highest since 2021. S&P Global PMI came in at 49.6 vs 49.5 expected, and ISM PMI came in at 46.8, lower than 48.8 expected.
The FOMC left rates unchanged 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.
SECTORS
Internet retail as an industry segment fell 6.5%, led by Amazon's missed sales numbers.
Market Decline Punctuated by Historic Lows For Intel, Job Market | Wall Street Today
The commodities we tracked were all in red on Friday.   $Crude Oil Futures(SEP4)(CLmain.US)$ fell back 3%,   $Bitcoin(BTC.CC)$ fell to $62k, Goldand silver pulled back.   $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ fell below 4% for the first time since spring 2023, and the   $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ fell.
MOOVERS
Tech is leading selloffs after   $Intel(INTC.US)$ earnings report sent the stock hurtling down 28%. The firm reported an EPS of just 2C, which was 80% lower than estimates; it was the lowest-reaching stock on the S&P 500 and Dow Jones. The firm outlined plans for 15,000 job cuts and a suspension of its dividend.
$Amazon(AMZN.US)$ also fell about 8% after the firm reported mixed results- beating EPS estimates but reporting lower sales than the market looked for.
$NVIDIA(NVDA.US)$ pulled back nearly 6%, before rebounding as every semiconductor-related firm pulled back following Intel's results and   $Super Micro Computer(SMCI.US)$ pulled back 10%.
$Snap Inc(SNAP.US)$ shares are falling 26% on heavy trading volume Friday after the company posted a revenue miss for the second quarter. Snap said revenue increased 16% year-over-year to $1.24 billion, but missed analysts' expectations of $1.25 billion for the quarter.
$Rocket(RKT.US)$ shares were up nearly 12% in Friday trading as the company's Q2 earnings beat estimates.
(To see these stocks and more on the options page, click here.)
Word from the herd: Mooers, what are you watching?
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