Topline
Ahead of a critical employment report, stocks fell on Thursday following a slew of data points suggesting the labor market remains strong despite widespread layoffs at major tech firms, further signaling to investors that the Federal Reserve’s campaign to tame inflation by slowing down the economy may be more aggressive than previously feared.
Key Facts
Despite trading in positive territory early Thursday, the Dow Jones Industrial Average fell 405 points, or 1.2%, to 32,864 by 1:15 p.m. ET, while the S&P 500 and tech-heavy Nasdaq shed 1.1% and 1.2%, respectively.
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