Dow, S&P 500, Nasdaq have worst session since 2022

U.S. stocks experienced their worst session since 2022, with major indexes dropping over 1.5% amid concerns of a recession. The Dow fell over 611 points, while the Nasdaq entered correction territory, down 10% from its July peak. A weak employment report showing only 114,000 jobs added fueled anxiety, with unemployment rising to 4.3%.

Intel announced a significant workforce reduction and suspended its dividend, causing its shares to tumble 26%. Meanwhile, consumer discretionary stocks led the declines, with Amazon falling over 8%. The Federal Reserve may consider a rate cut in September, contingent on upcoming economic data.