Drop

The stock market had a brutal end to the week.

The U.S. added a worse-than-expected 114,000 new jobs in July, and unemployment rose to 4.3%, its highest point in nearly three years. This sparked concerns over a broader economic slowdown and sent the stock market tumbling.

Between Thursday and Friday, the Dow Jones fell 1,135 points (2.8%), and the tech-heavy NASDAQ officially crossed into a “correction” (down 10% from a recent high). Leading the charge downhill was Intel. The chipmaker revealed drastic plans to lay off 15,000 employees and suspend its dividend to shareholders in Q4; its stock plunged 26% on Friday.

The poor economic numbers make it more likely that the Federal Reserve will cut interest rates soon, something investors (and people wanting lower mortgage rates) eagerly await.

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CHRISTIAN PERSPECTIVE
Whether the economy surges or collapses, God will remain in control. In the midst of uncertainty on earth, set your hope on the abundance we will enjoy with Christ when he comes. 

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.”
1 Peter 1:3-4 (CSB) (read full passage)