US Stock Market Move | July non-farm payroll far below expectations ignites selling sentiment, NASDAQ fell by 2.5%, leading technology stocks declined overall.

On Friday, the three major U.S. stock indexes opened lower and fell lower, with the Nasdaq falling by 2.5%. Tech stocks, including Amazon.com, Inc. (AMZN.US) down more than 6%, NVIDIA Corporation (NVDA.US) down more than 3%, Tesla, Inc. (TSLA.US), Meta (META.US) down more than 2%, Alphabet Inc. Class CA (GOOGL.US) down nearly 2%, and Apple Inc. (AAPL.US) down nearly 1%. In terms of news, according to the employment report released by the U.S. Bureau of Labor Statistics, the non-farm employment in the U.S. in July increased by only 73,000, far below the widely expected 110,000 by economists. The increase for the previous two months was unexpectedly revised down by nearly 260,000 combined. This revision surprised Wall Street and ignited selling sentiment, with bearish forces gaining the upper hand. The revised data shows that in the past three months, an average of only 35,000 jobs were added each month, marking the worst performance since the outbreak of the COVID-19 pandemic. Additionally, statistics show that August has historically been a relatively difficult month for the U.S. stock market, especially for growth stocks. With resurging inflation concerns and fading hopes for a September rate cut by the Federal Reserve, the market outlook may appear increasingly fragile. Since records began in 1971, the performance of the Nasdaq Composite Index in August has been second only to December, making it the second worst month of the year, with an average monthly gain of only 0.3%.