Getty ImagesStock markets were hit by a global sell-off on Friday as weak US jobs growth stoked fears of a sudden downturn in the world’s largest economy.
The tech-heavy Nasdaq index dropped by more than 2.4%, dragged lower by Intel and Amazon, after the companies reported disappointing results.
Official data showed employers added 114,000 jobs in July, far fewer than expected, while the unemployment rate rose to its highest level in nearly three years.
The figures suggested the long-running jobs boom in the US might be coming to an end and drove speculation about when and by how much the Federal Reserve will cut interest rates.
Stock markets were already worried about high borrowing costs and unsettled by signs that a long-running rally in share prices, fuelled in part by optimism over artificial intelligence (AI), might be running out steam.
Friday’s decline in the Nasdaq brought the index down about 10% from its most recent peak – a…
