Live Markets: Wall Street sinks as recession worries take center stage

Monolithic Power Systems

02/08/2024 21:27

* 
      Main U.S. indexes tumble; Nasdaq confirms correction 
    

        * 
      Cons Disc is biggest sector loser; Cons Staples gains
~0.9%
    

        * 
      Dollar down ~1%, gold off 0.3%; bitcoin falls >2%; crude
off >3%
    

        * 
      U.S. 10-Year Treasury yield slides to ~3.80%
    

  
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    WALL STREET SINKS AS RECESSION WORRIES TAKE CENTER STAGE
    
    U.S. stocks sank on Friday and the Nasdaq confirmed that it
was in a correction after disappointing tech earnings and a
slowing U.S. economy slammed investor confidence.
    The tech-heavy Nasdaq  .IXIC  ended down 2.4%, leaving it
10% below its record close on July 10.
    Amazon  AMZN.O  closed down nearly 9% after reporting
slowing quarterly online sales growth. Market heavyweight Nvidia
 NVDA.O  dropped almost 2%.
    "Investors are pulling in the reins on the AI chip trade and
artificial intelligence boom. AI is where the growth is and will
be, but it needs to be at the right price," said Michael Ashley
Schulman, Chief Investment Officer at Running Point Capital.
    Expectations of a 50 basis point interest rate cut surged
after the Labor Department said non-farm payrolls increased by
114,000 jobs last month. The jobs growth fell well short of the
175,000 expected by economists polled by Reuters, and it fueled
worries the U.S. economy could be heading for a recession. 
    Also the unemployment rate jumped up to 4.3%, near a
three-year high.
    Intel  INTC.O  slumped 26% in its weakest one-day
performance since 1974 after the chip manufacturer said late
Thursday that it suspended its dividend and slashed its
workforce to fund a costly turnaround after losing its
once-dominant global position.
    Worries about Intel, a slowing economy and the future of
Wall Street's AI rally knocked 5.2% off of the PHLX chip index
 .SOX , leaving it down 9.71% for the week, its biggest weekly
drop since January 2022.
    Here is your final snapshot:
    
    
        (Noel Randewich)
  
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    FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
    
    U.S. EQUITIES SINK WITH JOBS, EARNINGS IN FOCUS - CLICK HERE
    
    CHIP STOCKS SLAMMED FOR SECOND DAY AS INTEL CRASHES - CLICK
HERE
    
    INDIVIDUAL INVESTOR BEARS THIN OUT, BULLS FATTEN UP - AAII -
CLICK HERE
    
    WEAKNESS IN JOBS, EARNINGS REPORTS SENDS STOCKS REELING -
CLICK HERE
    
    U.S. STOCK FUTURES, YIELDS, PLUNGE AFTER WEAK PAYROLL DATA -
CLICK HERE
    
    WHAT DROVE THE NIKKEI'S 5.8% FRIDAY DROP? - CLICK HERE
    
    ETHER ETFs FAIL TO MATCH INITIAL BITCOIN EUPHORIA - CLICK
HERE
    
    EUROPEAN LUXURY AND THE YEN - CLICK HERE
    
    FED EASING BETS RAMP UP AFTER WEAK DATA - CLICK HERE
    
    U.S. RECESSION FEARS AND THE SAHM RULE - CLICK HERE
    
    ALL FALL DOWN - CLICK HERE
    
    A RED DAY - CLICK HERE
    
    MORNING BID: NEW WORRIES OVER GROWTH SPOOK MARKETS - CLICK
HERE 
  
  
    
    

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