Stocks slump after report showing sharp drop in U.S. hiring
CBSN
Fear, long absent in financial markets as investors bet on a soft landing for the U.S. economy, is back in the air on Wall Street.
Stocks opened sharply lower Friday after new government data showed a steep decline in hiring in July, spurring concerns that economic activity is slowing faster than economists expected.
Shortly after the start of trade, the blue-chip Dow Jones Industrial Average slid 461 points, or 1.1%, to 39,887. The broader S&P 500 sank 1.2%, while the tech-heavy Nasdaq Composite lost 2%, fueled by disappointing quarterly earnings from bellwethers such as Amazon and Intel.
Early this week, Senate Republicans and the president appeared to be edging closer to a framework to ending the Department of Homeland Security shutdown, which is now in its second month — but a breakthrough has remained out of reach.
Democrat Emily Gregory won a special election for a Florida state House seat on Tuesday, The Associated Press has projected, flipping a district that is home to President Trump's estate, Mar-a-Lago. In:
The two Canadian pilots who died in Sunday's runway collision at LaGuardia Airport in New York were young, ambitious men at the start of their careers who each had pursued their yearslong dream of flying. In:
A judge sharply questioned a lawyer for the federal government on Tuesday over the Pentagon's efforts to cut Anthropic out of its classified systems — the latest development in a dispute between the company and the Trump administration over AI guardrails. In:
Washington — The Senate on Tuesday rejected the latest Democratic-led effort to rein in President Trump on Iran as the U.S. and Tehran send conflicting messages about how the war might end.
FedEx said Tuesday that it will offer same-day delivery in partnership with logistics company OneRail, with the announcement following a recent move by Amazon to offer expedited deliveries across the U.S. Edited by Alain Sherter In:
OpenAI said Tuesday that it is discontinuing its Sora AI video app. Edited by Alain Sherter In:
The Pentagon is expected to send parts of the 82nd Airborne division to the Middle East as the Iran war extends into its fourth week, according to two sources. In:
Financial markets experts are raising concerns about possible insider trading after an unusual spike in oil futures trading only minutes before President Trump announced talks with Iran on Truth Social. Edited by Alain Sherter In:
NASA announced ambitious long-range plans Tuesday to spend $20 billion over the next seven years to build a moon base near the lunar south pole featuring habitats, pressurized rovers and nuclear power systems. The announcement came just over a week before the planned launch of NASA's Artemis II around-the-moon mission. In:
Minnesota state and county officials sued the federal government Tuesday, alleging they are being blocked from investigating the shootings of Renee Good, Alex Pretti and Julio Cesar Sosa-Celis by federal agents. In:
Washington — It's not a palace, but next month the White House is set to be overrun by royals. Gabrielle Ake contributed to this report.
Epic Games, the video game maker behind Fortnite, is laying off more than 1,000 workers amid "extreme" market conditions and a downturn in engagement with its most popular game, CEO Tim Sweeney said in a blog post Tuesday. Edited by Aimee Picchi In: