Dow Jones sheds 410 points as stocks continue to slump

NEW YORK, New York – U.S. stocks fell sharply Friday following the release of a weak employment report for August.

“It’s a sentiment-driven move that’s largely driven by growth concerns,” Emily Roland, John Hancock Investment Management co-chief investment strategist told CNBC Friday.

“The market’s oscillating between this idea of is bad news bad news, or is bad news good news, and the sense that it may revive hopes that the Fed moves more aggressively than markets anticipate.”

The Standard and Poor’s 500 led the declines, dropping by 94.99 points, or 1.73 percent, to close at 5,408.42. With a trading volume of 2.747 billion shares, this broad market index saw a steep fall as tech and energy stocks faced heavy selling pressure.

The Dow Jones Industrial Average (DJI) also finished in negative territory, losing 410.34 points, or 1.01 percent, to end at 40,345.41. Trading volume reached 362.82 million shares as concerns over rising interest rates and economic slowdown weighed on the index’s performance.

The NASDAQ Composite suffered the sharpest decline among the major indices, falling by 436.83 points, or 2.55 percent, to close at 16,690.83. This technology-heavy index was hit hard by losses in large-cap tech stocks, with a total of 4.558 billion shares traded.

Global Foreign Exchange Market Overview: Friday’s Currency Movements

The foreign exchange market showed significant fluctuations on Friday, with major currency pairs experiencing both gains and losses. The US Dollar Index saw a slight increase of 0.09 percent, gaining 0.09 points to close at 101.20.

The Euro/US Dollar (EURUSD) pair saw a slight decline, closing at 1.1084, down by 0.23 percent. The Euro’s performance reflected ongoing pressures as market participants continued to assess the economic outlook in the Eurozone.

Meanwhile, the US Dollar/Japanese Yen (USDJPY) pair also experienced a notable drop, falling by 0.71 percent to 142.41. The weakening of the US dollar against the yen comes amid a broader shift in investor sentiment towards safer assets.

The US Dollar/Canadian Dollar (USDCAD) pair moved in the opposite direction, gaining 0.44 percent to close at 1.3563. The rise in the US dollar versus the Canadian dollar was supported by positive economic data from the US, which bolstered the greenback.

In the British Pound/US Dollar (GBPUSD) pair, the British pound fell by 0.34 percent to 1.3132 against the US dollar. The pound’s slide reflects investor concer

Global Stock Market Overview: Major Indices Close Lower with Mixed Performance

Global stock markets experienced a varied performance today, with several major indices closing in negative territory while others saw slight gains.

CANADA

In Canada, the S&P/TSX Composite Index followed the downward trend, falling by 206.85 points, or 0.90 percent, to close at 22,781.43. Trading volume reached 249.729 million shares as Canadian equities struggled to keep up with the broader market sell-off.

UNITED KINGDOM

In London, the FTSE 100 dropped by 60.24 points, or 0.73 percent, ending the session at 8,181.47.

EUROPE

Germany’s DAX Performance-Index posted a more significant decline of 1.48 percent, falling by 274.60 points to close at 18,301.90. Similarly, France’s CAC 40 index was down 79.66 points, or 1.07 percent, closing at 7,352.30. The Euronext 100 Index slipped by 20.00 points, a 1.37 percent drop, closing at 1,440.06, while Belgium’s BEL 20 saw a modest decrease of 0.26 percent, losing 10.97 points to finish at 4,170.84.

The ESTX 50 PR.EUR closed at 4,738.06, down by 1.60 percent or 77.09 points.

ASIA

Asian markets showed mixed results Friday. The Hang Seng Index remained unchanged at 17,444.30. The STI Index in Singapore edged down by 4.19 points, or 0.12 percent, to finish at 3,454.47.

China’s SSE Composite Index dropped 22.51 points, or 0.81 percent, closing at 2,765.81, and Japan’s Nikkei 225 fell by 265.62 points, or 0.72 percent, to end at 36,391.47.

India’s S&P BSE Sensex fell significantly by 1,017.23 points, a decline of 1.24 percent, to close at 81,183.93. Meanwhile, Indonesia’s IDX Composite posted a gain of 0.53 percent, rising by 40.80 points to 7,721.85.

The FTSE Bursa Malaysia KLCI fell by 11.70 points, or 0.70 percent, to close at 1,653.12. South Korea’s KOSPI Composite Index fell by 31.22 points, or 1.21 percent, closing at 2,544.28.

Taiwan’s TSEC Weighted Index showed a positive result, gaining 247.48 points, or 1.17 percent, to close at 21,435.19.

OCEANIA

On a positive note, Australia’s S&P/ASX 200 gained 31.00 points, a 0.39 percent rise, closing at 8,013.40. The All Ordinaries followed with a gain of 27.10 points, or 0.33 percent, ending at 8,214.80.

New Zealand’s S&P/NZX 50 dropped 63.15 points, or 0.50 percent, finishing at 12,615.51.

MIDDLE EAST

Middle East markets were mostly closed on Friday and were set to re-open on Sunday.

AFRICA

In South Africa, the Top 40 USD Net TRI Index dropped by 66.21 points, or 1.46 percent, to end at 4,465.63.

In the currency markets, the MSCI Europe index declined by 1.00 percent, down by 21.71 points to 2,141.81. The British Pound Currency Index lost 0.34 percent, closing at 131.33, while the Euro Currency Index decreased by 0.24 percent to finish at 110.83.

As global markets continue to navigate economic challenges, volatility remains a key theme, with varied performances across regions and sectors.

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