Stock market today: S&P500 in worst week since 2023 as soft jobs data stoke worry
Investing.com -- The S&P 500 fell sharply Friday, suffering its worst week since 2023 amid fresh economic worries after data showing the U.S. economy created fewer than expected jobs last month.The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July figure, according to Labor Department data that could factor into the Federal Reserve's next policy decisions.
On a monthly basis, average hourly earnings growth also ticked up to 0.4% after contracting by 0.1% in July. "If the data suggests the need for larger cuts, then I will support that as well. I was a big advocate of front-loading rate hikes when inflation accelerated in 2022, and I will be an advocate of front-loading rate cuts if that is appropriate."
The firm projected that it would deliver $14 billion in revenue in its fourth quarter, just under estimates of $14.04 billion, according to LSEG data cited by Reuters. The forecast was seen as a sign of possible sluggishness in the company's non-AI-related operations.
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