Get the latest tech news
Fear of US recession rattles global markets as tech shares fall
Europe’s main indices all decline and Japanese equities suffer worst day since 2020 while gold hits fresh record
The tech-focused Nasdaq index fell almost 3% in early trading and was on course for a correction – 10% off its record high – after the latest US non-farm payroll report showed that only 114,000 jobs were created last month, compared with the 175,000 analysts expected. “The past 24 hours have seen an increasingly precarious backdrop for risk markets, with a risk-off mood on the back of another batch of weak US data yesterday followed by mostly downbeat tech earnings overnight,” said Jim Reid, an analyst at Deutsche Bank, on Friday morning. This was triggered by data showing US manufacturing activity dropped to an eight-month low in July amid a slump in new orders, and a jump in the number of Americans filing new applications for unemployment benefits to an 11-month high.
Or read this on Hacker News
