Morning Report 5 Aug 24: Stocks drop, Nasdaq confirms correction as US recession fears mount

US sharemarkets slumped for a second straight session on Friday after a soft US employment report stoked fears of an oncoming recession. Bank of America slid 4.9% and Wells Fargo lost 6.4%. Amazon.com dropped 8.8% and Intel plunged 26.1% after their quarterly results and forecasts both disappointed. But Apple rose 0.7% after posting better-than-expected third quarter iPhone sales and forecasting more gains, betting on AI to attract buyers. Visit CommSec’s Market News hub: www.commsec.com.au/market-news/the-markets.html Follow us on Twitter: www.twitter.com/commsec Follow Us On Instagram: www.instagram.com/commsec Subscribe to CommSecTV: youtube.com/user/CommSecTV

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