(Telestock) – Wall Street is significantly downafter data from the Bureau of Labor Statistics showed that U.S. hiring slowed more than expected in July and the unemployment rate rose to its highest level in nearly three years. That could suggest the labor market is cooling faster than other data suggests, leading to concerns that the Fed is keeping rates high for too long.
Also weighing on the markets are some disappointing quarterly resultsstarting from Intel: The chip giant has revised its forecasts, decided to suspend its dividend and announced 15% job cuts.
Bad too Amazonwhich forecast revenue for the current quarter that was well below analysts’ estimates, signaling tepid demand for its cloud computing services. Better Applewhich forecast fourth-quarter revenues above market estimates. Analysts are still emphasizing that the so-called “Magnificent Seven” have not released brilliant quarterly results and their valuations may be too high.
Looking at the main indexesthe New York Stock Exchange suffered a 1.21% decline on Dow Jones; along the same lines, a day to forget for theS&P-500which retreats to 5,362 points, retracing by 1.56%. Depressed the Nasdaq 100 (-2.29%); with a similar direction, a clear worsening of theS&P 100 (-1.66%).