🚀 Job Numbers Suffering

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Job growth in the U.S. slowed significantly in July, with nonfarm payrolls increasing by just 114,000, well below the expected 185,000, and the unemployment rate rising to 4.3%, its highest since October 2021. Average hourly earnings grew by 0.2% for the month and 3.6% year-over-year, both below forecasts. Despite health care leading job creation with 55,000 new positions, other sectors showed weakness, particularly information services, which lost 20,000 jobs. This report, coupled with recent economic data, has fueled fears of a broader slowdown and raised concerns about the Federal Reserve’s response, although markets anticipate potential rate cuts starting in September.

2. Stocks plummeted on Friday, with the S&P 500 facing its worst session in nearly two years, driven by a weaker-than-expected July jobs report that heightened recession fears. The S&P 500 fell 2.2%, the Nasdaq Composite dropped 2.6%, and the Dow Jones Industrial Average declined by 820 points, or 2%. The Nasdaq entered correction territory, now over 10% below its recent peak, with major tech stocks like Amazon and Intel seeing significant losses due to disappointing earnings and guidance. The 10-year Treasury yield fell as investors sought safety in bonds. This sell-off came after a volatile week and follows the Federal Reserve's indication of a potential rate cut, highlighting investor anxiety over economic conditions and central bank actions.

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4. Headlines

   1. The VIX, CBOE Volatility Index and “Fear Gauge” are all at multi-year highs.

   2. Oil Markets fell over 3% due to recession fears last Friday.

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