Wall Street Braces for Decline Amid Weak Employment Data and Tech Stock Woes

Wall Street's main indexes are set to decline following weak U.S. job growth and downbeat tech forecasts. Nonfarm payrolls rose by just 114,000 in July, below estimates, raising unemployment to 4.3%. Traders expect a significant Fed rate cut in September. Major tech and oil stocks faced substantial losses.

Wall Street's main indexes braced for a decline at Friday's open due to weak employment numbers, heightening concerns of a U.S. economic slowdown. Amazon and Intel's downbeat forecasts further impacted megacap tech and chip stocks.

A Labor Department report revealed a rise of just 114,000 nonfarm payrolls in July, significantly below the anticipated 175,000. The unemployment rate climbed to 4.3% from 4.1% last month, strengthening traders' expectations of a significant Federal Reserve rate cut in September.

As of 8:46 a.m. ET, Dow e-minis declined by 474 points, S&P 500 e-minis fell by 92.75 points, and Nasdaq 100 e-minis dropped by 474.5 points. Amazon and Intel led the slump, with other major tech stocks also facing declines. The broader indexes, including the S&P 500, Nasdaq, and Dow, are on pace for weekly losses amid concerns over economic data and restrictive monetary policies.

(With inputs from agencies.)