Markets tumble on jobless date, profit warnings
A slew of profit warnings, coupled with continued weak Canadian and U.S. jobless numbers, sent stock markets deeply into the red on Friday morning.
At 10:19, the Dow Jones Industrial Average was off 169 points at 10309, while the Nasdaq Composite Index tumbled 61 points to 2018.
Things were not much better on Bay Street, as the TSE 300 was off 91 points at 7591.
Earlier Friday morning, job reports emerged from Ottawa and Washington that showed the Canadian and U.S. economies are still mired in their respective slumps. Canada's jobless rate held steady for the fourth consecutive month at 7 per cent in June. The economy shed 13,000 jobs, mostly in part-time, youth workers.
In the U.S., 113,000 jobs were lost from the non-farm payroll. The U.S. jobless rate stood at 4.5 per cent.
On the corporate earnings front, profit warnings continued to set a negative tone.
Microchip maker Advanced Micro Devices and data storage company EMC Corp. were just the latest companies to warn that their earnings will be lower due to the economic downturn.