US stock markets experienced a significant downturn on Friday, concluding the trading day with substantial losses. The Dow Jones Industrial Average closed at 43,589 points, a decrease of 1.2% compared to the previous day’s close.
The broader S&P 500 registered at approximately 6,238 points, down 1.6%, while the technology-focused Nasdaq 100 stood at around 22,763 points, reflecting a 2.0% decline at the same point in the session.
Recent data has started to challenge the narrative of US economic resilience in the face of trade policies. July’s jobs report revealed an addition of only 73,000 jobs, considerably lower than anticipated. Moreover, initial figures for May and June have been revised downwards. The release of this report prompted a reaction involving personnel changes within the US statistics agency.
The weaker-than-expected jobs figures have increased the likelihood of the US Federal Reserve implementing further interest rate cuts, aligning with a previously stated aim. The Federal Reserve’s mandate focuses on both price stability and maximum employment.
The euro strengthened considerably on Friday evening, trading at $1.1581 (+1.43%), with one dollar subsequently fetching €0.8635.
Gold prices saw a marked increase, reaching $3,360 per fine ounce (+2.1%), equivalent to €93.27 per gram.
Conversely, oil prices registered a sharp decline, with a barrel of Brent North Sea crude priced at $69.60, representing a decrease of 210 cents or 2.9% compared to the close of the previous trading day.