The Dow Is Having Its Worst Day Since 2022
The weak jobs report has the Dow on track for its worst day since 2022.
The Dow was down 960 points, or 2.4% in recent trading. That would be its worst daily performance since it fell 2.49% on Dec. 15, 2022. The S&P 500 was down 2.5%. It fell 2.55% on Thursday. The Nasdaq Composite was down 2.8% after falling 2.86% on Thursday. It was on track to close in correction territory for the first time since the fall.
The Russell 2000 was down 4.2%. A weaker-than-expected July update on nonfarm payrolls had traders reconsidering the rotation last month that favored smaller, more cyclical stocks. Now, everything is falling, but small-caps more so. If the economy enters a more pronounced downturn, such stocks would struggle.
There’s still time for data to turn things around before the Federal Reserve’s September policy meeting, but the market is in fear mode, for now.
