July jobs report, Apple earnings, Amazon & Intel fall: 3 Things

There is a lot for investors to react to on Friday, August 2. Here are three things to watch.

Stock futures sank after the US added far fewer jobs than expected in July, 114,000 versus the 175,000 estimate. The unemployment rate ticked higher to 4.3%. It’s raising questions about whether or not the Federal Reserve has waited too long to start cutting rates.

Big Tech earnings are in focus. Apple (AAPL) reported better-than-expected fiscal Q3 results. The company is still showing weakness in China, but iPad sales and Services revenue both topped Street estimates.

Two tech stocks dragging the markets lower are Amazon and Intel. Amazon (AMZN) reported mixed second quarter results, with revenue falling short of analyst estimates. Its Q3 guidance was also disappointing.

Intel (INTC) shares are plunging after its second quarter results missed on both the top and bottom lines. The company also issued guidance that was worse than expected, announced job cuts, and said it’s suspending its dividend.

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This post was written by Stephanie Mikulich.