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.
President Trump is suing the Internal Revenue Service and Treasury Department for at least $10 billion, claiming the agencies unlawfully allowed an IRS contractor to leak his tax returns and those of his sons and company.
President Trump on Thursday threatened Canada with a 50% tariff on any aircraft sold in the U.S., the latest salvo in his trade war with America's northern neighbor as his feud with Prime Minister Mark Carney expands. In:
Four people were shot and at least two of those people were killed Thursday in Mount Airy, North Carolina, authorities said. In:
President Trump says he will announce his nominee for Federal Reserve chair Friday morning, as he presses the central bank to cut interest rates.
Prosecutors in Minneapolis warn more could resign over handling of fatal shooting cases, sources say
Federal prosecutors in Minneapolis this week questioned the U.S. attorney over the lack of any civil rights investigations into two fatal shootings by immigration agents, and warned that more people could resign in protest if things don't change, multiple sources told CBS News. In:
Kentucky family battling extreme cold brings newborn calf inside to keep warm: "She was just frozen"
A Kentucky family battling extreme cold temperatures on their farm over the weekend opened their home to a newborn calf that was struggling in the deep freeze. In:
The Trump administration's deployment of troops to six different U.S. cities last year cost roughly $496 million through the end of December, according to estimates released by the Congressional Budget Office this week.
The founder of First Brands and his brother were indicted on fraud charges Thursday, the latest development in a legal saga involving the beleaguered auto parts company, which filed for bankruptcy in September. Edited by Aimee Picchi In:
Uber wants to capitalize on the emergence of self-driving cars — not by handing the wheel to AI-powered drivers, but rather by tapping the mountain of potentially valuable data the rideshare company could collect in the billions of trips it handles every year. Edited by Alain Sherter
As the Trump administration continues to prepare military options for strikes in Iran, U.S. allies in the Mideast, including Turkey, Oman and Qatar, are attempting to head off that possibility by brokering diplomatic talks, multiple regional officials told CBS News. Camilla Schick and Eleanor Watson contributed to this report.
Unlike the buoyant U.S. stock market, the dollar is sinking fast. Edited by Alain Sherter In:
Researchers at Oregon State University have collected new data about an elusive forest carnivore "renowned for its cuteness" that was nearly driven to extinction in the 20th cetury. In:
Washington — President Trump will sign an executive order Thursday afternoon to coordinate a federal government response to drug addiction and substance abuse. Jennifer Jacobs contributed to this report.