The major averages tumbled today with the S&P 500 having its worst session in almost two years, on weaker-than-anticipated jobs report for July and weak earnings reports igniting worries about the economy and the markets. The Dow Jones Industrial Average fell 610 points, or almost 1.5%, after falling 989 points at the low. The S&P 500 fell 100 points or 1.8% while the Nasdaq Composite fell 417 points or 2.4%.

The futures initially sank this morning after July job growth in the U.S. slowed more than expected, while the employment rate rose to the highest since October 2021. Nonfarm payrolls grew by just 114,000 last month, the Labor Department reported, a slowing from 179,000 jobs added in June and below the 185,000 expected by economists polled by Dow Jones. The unemployment rate increased to 4.3%. The yield on the benchmark 10-year Treasury fell 16 basis points to 3.81%, its lowest level since December. The 2-year Treasury yield fell 26 basis points to 3.898%.

The sell-off accelerated with disappointing or lackluster earnings from a number of tech stocks. Intel was the dog of the day down over 25%, its worst day in 50 years, on disappointing earnings, weak guidance, job cuts and dividend suspends the dividend. Intel received at least four downgrades. All the chip stocks were lower. Nvidia fell 2% while AMD was modestly lower as they seem to be benefiting from Intel's demise.

Amazon fell 8% on disappointing profit and revenue outlook. Apple is one of the few diamonds in the tech space after beating earnings estimates and anticipation of an AI phone next year. Apple received at least two upgrades.

Outside tech, the banks stocks were not much better. JP Morgan, Bank of America, Citigroup and Wells Fargo were all down over 5% apiece. Morgan Stanley was down 5% on a sell rating.

After today, the Nasdaq is in correction territory, down more than 10% from the highs. The S&P 500 and Dow are down 5.7% and 3.9% from the recent all-time highs.