Nasdaq Composite Faces Correction Amid Weak Job Reports and Forecasts

The Nasdaq Composite is on track to fall into a correction on Wall Street due to weak jobs numbers and Amazon and Intel`s downbeat forecasts. The tech-heavy index confirmed it is in a correction after falling more than 10% from its peak in July. Concerns arose about pricey Big Tech valuations and a cooling economy. As the fall and impact of the Fed taking actions on rate cuts occur, investors can expect a recovery from current levels to well over 18,000 points by year-end. The S&P 500 hit its lowest level since June 5. The nonfarm payrolls report showed the US job markets slowed sharply last month, and traders are now betting the US Federal Reserve will deliver a half-percentage-point rate cut in September.