A significantly weaker-than-expected jobs report for July sparked fears that the economy might be entering a recession, and as a result, stocks sank substantially on Friday, with the S&P 500 poised to have its worst session in almost two years.
The Nasdaq Composite experienced a 2.2% decline, while the broad market index fell by 2%. The decline in the Dow Jones Industrial Average was 832 points, or almost 2.1%.
With the sell-off on Friday, the Nasdaq entered correction territory, having dropped more than 10% from its peak, which was reached about a month ago.
Composed of the 100 biggest names in the Composite, the Nasdaq-100 was trading 11% below its 52-week high, indicating a deeper decline. The Dow was 4% behind its all-time high and the S&P 500 was 6% below it.
Source (CNBC)
