Stocks fell on Friday and headed for their third straight weekly decline as a solid August jobs report failed to ease fears that the Federal Reserve would keep aggressively hiking interest rates to fight inflation, tipping the economy into a recession.
The Dow Jones Industrial Average erased a 370-point gain and turned red in afternoon trading. It was last lower by 439 points, or 1.4%. The S&P 500 also fell 1.4%. The Nasdaq Composite declined 1.7% and is on track to post its longest daily slide since August 2019.
The major averages are set to end the week lower, and notch their third negative weeks in a row after slumping in the last days of August and giving up more than half of their summer rally. The Dow and S&P are heading to declines of 2.6% and 3%, respectively, while the Nasdaq is on track to close the week down 4%.
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Article URL : https://www.cnbc.com/2022/09/01/stock-futures-are-flat-ahead-of-key-august-jobs-report-due-friday.html