On August 2, 2024, U.S. stock markets faced notable downturns after the July jobs report revealed a cooling labor market, intensifying concerns about the economy's trajectory. The Nasdaq Composite plunged 2.6%, entering correction territory by falling over 10% from its early July peak. The Dow Jones Industrial Average dropped 1.5%, shedding more than 600 points, while the S&P 500 declined by 1.8%. All three major indices recorded weekly losses, with the S&P and Dow each falling 2%, and the Nasdaq losing 3%. The Russell 2000, representing smaller companies, fared even worse, posting a weekly loss of about 6.8%. nz.finance.yahoo.com
The market's decline was further influenced by a weaker-than-expected July jobs report, which showed more cooling in the labor market. This development fueled concerns that the Federal Reserve may have delayed necessary rate cuts, potentially impacting economic growth. Investors are now closely monitoring upcoming earnings reports from major companies like Disney, Uber, Eli Lilly, and Novo Nordisk, scheduled for the following week, to gauge the market's direction amid these economic uncertainties. nz.finance.yahoo.com