Hey it's August 1 and still no Halloween candy stocked in the Rouses? Must be a recession coming
— skooks (@skooks) August 1, 2024
U.S. stocks saw their third-straight trading day of heavy declines as recession fears continued to mount and Wall Street abandoned a popular trade that had helped counter high interest rates.
The Dow Jones Industrial Average was down roughly 900 points or nearly 2.5% Monday morning, while the S&P 500 declined 2.3% and the tech-focused Nasdaq fell 2.5%.
On Friday, the Bureau of Labor Statistics reported worse-than-expected jobs data, showing the U.S. unemployment rate had climbed to 4.3% and that the economy had added just 114,000 jobs
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