The market took a hit Friday. Intel and Amazon earnings lead the way by disappointing investors, and job data spawed 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.

Just past the 4 pm ET close, the   $S&P 500 Index (.SPX.US)$ fell 1.84%, the   $Dow Jones Industrial Average (.DJI.US)$ fell 1.52%, and the   $Nasdaq Composite Index (.IXIC.US)$ fell 2.43%. 8900 equities declined overall, with just 2800 gaining.

The only solace in a sea of red was labor numbers Friday that showed U.S. Jul. Non-Farm Payrolls added114k jobs vs 175k forecast, and 179k in June, according to the Bureau of Labor Statistics. The July unemployment rate rose to 4.3% vs 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.

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Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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