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Stocks sold off into the weekend, as jobs data and renewed tariff tensions handicapped Wall Street to start August. The Dow shed 542 points for its worst single-session decline since June 13. The blue-chip index's fifth-straight loss also contributed to its worst losing streak since December. The S&P 500 didn't fare much better, logging a fourth-straight loss and worst single-session decline since May 21.
Not to be outdone, the Nasdaq turned in its worst single-day drop since April 21, as Amazon.com (AMZN) earnings weighed on the tech sector. All three indexes logged sizable weekly losses, the S&P 500 and Dow marking their worst weeks since May 23 and April, respectively. Right on cue, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) reclaimed 20 for the first time since June 20.
Continue reading for more on today's market, including:
Weekly Gains for Oil, Gold
Oil prices tumbled today, as the jobs report ignited crude demand concerns. Plus, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to agree on a big output increase for September over the weekend. September-dated West Texas Intermediate (WTI) crude lost $1.93, or 2.8% cents to settle at $67.33 per barrel. For the week, black gold gained 3.3%.
U.S. gold prices gained on the broader market malaise. August-dated gold futures added 1.6% to settle at $3,403 per ounce. For the week, the safe-haven asset added 0.4%.
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