US stock markets drop dramatically due to disappointing employment numbers
(MENAFN) U.S. stock markets fell sharply on Friday, driven by disappointing employment figures and increased investor anxiety over the administration's unpredictable trade stance, according to reports.
The Dow Jones Industrial Average sank by 542.4 points, a decline of 1.23 percent, closing at 43,588.58. The S&P 500 fell 1.6 percent to 6,238.01, while the Nasdaq Composite experienced the steepest drop, sliding 2.24 percent to end at 20,650.13.
Losses were widespread, with most sectors in the S&P 500 finishing in the red. Consumer discretionary and technology shares were hit hardest, falling by 3.59 percent and 2.07 percent, respectively. A few sectors, including health care and consumer staples, posted modest gains of 0.58 percent and 0.53 percent.
The labor market data showed only 73,000 jobs were added in July, significantly under the forecasted 104,000. In addition, employment figures from prior months were revised downward, and the unemployment rate ticked up to 4.2 percent from June’s 4.1 percent.
In response, U.S. President Donald Trump dismissed the figures as a “mistake” and announced the removal of the Bureau of Labor Statistics Commissioner Erika McEntarfer. He also renewed his criticism of Federal Reserve Chair Jerome Powell, further rattling markets.
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