00:00Hello, my name is Daniel. And you are watching Vantage News. Today our title is, Dow Closes
00:13Down 600 Points, NASDAQ Enters Correction After Weak Jobs Report, Live Updates, Financial
00:21News Report, Summary.
00:23The financial markets experienced a significant downturn on Friday. With the Dow Jones Industrial
00:29Average closing down 610.71 points, a 1.51% decrease, to finish at 39,737.26. The NASDAQ
00:41composite fell to 0.43% to close at 16,776.16, entering correction territory, with a decline
00:51of more than 10% from its recent all-time high.
00:55The broader market index, the S&P 500, dropped 1.84%, to end at 5,346.56. This market turmoil
01:07was sparked by a weaker-than-expected July jobs report, which showed a slowdown in job
01:13growth and an increase in the unemployment rate to 4.3%. The report indicated that non-farm
01:20payrolls grew by only 114,000 last month, well below the 185,000 expected by economists.
01:28In response to the economic uncertainty, the 10-year Treasury yield fell to its lowest
01:33since December, as investors sought safety in bonds. The market's reaction was exacerbated
01:40by negative performance from some major tech companies, with Amazon sliding 8.8%, missing
01:46revenue estimates and Intel plummeting 26%, following weak guidance and layoffs.
01:53NVIDIA also saw losses, down 1.8% after a 6% loss the previous day. The S&P 500 and
02:01Dow were 5.7% and 3.9%, below their all-time highs, respectively, indicating a broader
02:09market concern about the economic outlook. The NASDAQ's entry into correction territory
02:15underscores the growing fears of a potential recession, with investors closely watching
02:21for further economic indicators and policy decisions from the Federal Reserve.
