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Key Takeaways
- U.S. equities lost ground at midday Friday after a report showed the economy added fewer jobs than expected in July, while the unemployment rate rose.
- Intel shares plunged after the chipmaker reported a wider-than-expected loss and announced huge job cuts in an effort to reduce costs.
- Amazon shares sank after the online retailer’s revenue and guidance were short of forecasts.
U.S. equities cratered at midday Friday after the government reported fewer jobs were created in July than expected, raising concerns about the strength of the U.S. economy. The Dow and S&P 500 lost about 2%, and the Nasdaq sank nearly 3%.
Intel (INTC) shares plunged after the chipmaker reported a wider-than-expected loss and announced it would slash 15% of its workforce in an effort to cut costs. The news dragged down other semiconductor stocks as well.
Amazon (AMZN) shares sank as the online retailer’s revenue and guidance were short of forecasts on weaker-than-anticipated consumer purchases.
Shares of Snap (SNAP) plummeted after the operator of the Snapchat social media platform also posted revenue and guidance that missed expectations, citing a softer advertising environment.
Apple (AAPL) shares were higher after the iPhone maker's iPad sales and services revenue jumped.
Shares of GoDaddy (GDDY) advanced as the internet domain registrar beat sales estimates and boosted its outlook, citing strong demand.
Clorox (CLX) shares rose after the cleaning products maker exceeded earnings expectations on higher prices and cost cuts.
Oil and gold futures dropped. The yield on the 10-year Treasury note tumbled. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies fell.
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