{"id":2765,"date":"2024-08-03T17:21:08","date_gmt":"2024-08-03T17:21:08","guid":{"rendered":"https:\/\/www.trulinco.com\/blog\/news-new\/stock-market-today-dow-drops-800-on-weak-jobs-data-as-a-global-sell-off-whips-back-to-wall-street\/"},"modified":"2024-08-03T17:21:08","modified_gmt":"2024-08-03T17:21:08","slug":"stock-market-today-dow-drops-800-on-weak-jobs-data-as-a-global-sell-off-whips-back-to-wall-street","status":"publish","type":"news-new","link":"https:\/\/www.trulinco.com\/blog\/news-new\/stock-market-today-dow-drops-800-on-weak-jobs-data-as-a-global-sell-off-whips-back-to-wall-street\/","title":{"rendered":"Stock market today: Dow drops 800 on weak jobs data as a global sell-off whips back to Wall Street"},"content":{"rendered":"<div class=\"theme-e FITT_Article_main__body oBTii mrzah\" data-testid=\"prism-GridColumn\" style=\"--grid-column-span-xxs:var(--grid-columns);--grid-column-span-xs:var(--grid-columns);--grid-column-span-sm:var(--grid-columns);--grid-column-span-md:20;--grid-column-span-lg:14;--grid-column-span-xl:14;--grid-column-span-xxl:14;--grid-column-start-xxs:auto;--grid-column-start-xs:auto;--grid-column-start-sm:auto;--grid-column-start-md:3;--grid-column-start-lg:0;--grid-column-start-xl:0;--grid-column-start-xxl:2\">\n<div style=\"--spacing-top:40px;--spacing-bottom:32px;--spacing-child-top:initial;--spacing-child-bottom:24px;--spacing-firstChild-top:initial;--spacing-firstChild-bottom:initial;--spacing-lastChild-top:initial;--spacing-lastChild-bottom:initial;--spacing-compact-top:24px;--spacing-compact-bottom:32px;--spacing-firstChild-compact-top:initial;--spacing-firstChild-compact-bottom:initial;--spacing-child-compact-top:initial;--spacing-child-compact-bottom:24px;--spacing-lastChild-compact-top:initial;--spacing-lastChild-compact-bottom:initial\" class=\"dHdHP jLREf zXXje aGO eCClZ nTLv jLsYA gmuro TOSFd VmeZt sCkVm hkQai wGrlE MUuGM fciaN qQjt DhNVo Tgcqk IGLAf tWjkv\">\n<div class=\"kCTVx qtHut lqtkC HkWF HfYhe kGyAC\" data-testid=\"prism-headline\">\n<h1 class=\"vMjAx gjbzK WaKtx eHrJ mTgUP\"><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ\">Stock market today: Dow drops 600 on weak jobs data as a global sell-off whips back to Wall Street<\/span><\/h1>\n<p class=\"jxTEW Poyse uieav lqtkC HkWF HfYhe kGyAC\"><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ\">Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation<\/span><\/p>\n<\/div>\n<div class=\"QHblV nkdHX kvZxL hTosT whbOj\" data-testid=\"prism-byline\">\n<div class=\"VZTD mLASH OcxMG oJce\">\n<div class=\"kKfXc VZTD rEPuv\">\n<div class=\"TQPvQ fVlAg HUcap kxY REjk UamUc WxHIR HhZOB yaUf VOJBn KMpjV XSbaH Umfib ukdDD\"><span class=\"tChGB zbFav\">By<\/span><span>STAN CHOE AP business writer<\/span><\/div>\n<div class=\"VZTD mLASH gpiba\">\n<div class=\"xAPpq JQYD ZdbeE  jTKbV pCRh\">August 2, 2024, 12:31 AM<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"RwkLV Wowzl FokqZ LhXlJ FjRYD toBqx\" data-testid=\"prism-share\">\n<div class=\"JpUfa aYoBt\">\n<ul class=\"MZaCt dUXCH nyWZo RnMws Hdwln WBHfo tAchw UDeQM XMkl NUfbq kqfZ\">\n<li class=\"WEJto\"><button aria-label=\"Share Story on Facebook\" class=\"theme-EWITS mLASH egFzk qXWHA ScoIf ZXRVe jIRH NoTgg OJpwZ uklrk wSPfd ofvJb nMRSd YIauu gGlNh ARCOA kyjTO xqlN aANqO aNnIu GDslh LjPJo RpDvg YYtC rTpcz EDgo UVTAB ihLsD niWVk GYdIS Bdkqu iTpTL Esicv kOEGk WMbJE eVJEc TElCQ ZAqMY enocc pJSQ pvoyF aaksc OKklU ATKRo RfOGv neOGk fuOso DwqSE fnpin ArvQf dUniT Mzjkf Niff NKnwO ijAAn dEuPM vwJ JmUFf sgyq cRbVn sBVbK fCfdG oMkBz aOwuK 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class=\"MediaPlaceholder relative MediaPlaceholder--16x9 cursor-pointer\" aria-hidden=\"false\">\n<figure class=\"Image aspect-ratio--parent MediaPlaceholder__Image\">\n<div class=\"RatioFrame aspect-ratio--16x9\"><\/div>\n<div class=\"Image__Wrapper aspect-ratio--child\"><img decoding=\"async\" aria-hidden=\"false\" alt=\"\" class=\"\" data-mptype=\"image\" src=\"https:\/\/i.abcnewsfe.com\/a\/ecc846cb-2f17-453d-95c0-36544bc5587e\/wirestory_20ce445cdd86be98fb3682a33e88442b_16x9.jpg?w=992\"\/><\/div>\n<\/figure>\n<div class=\"MediaPlaceholder__Overlay absolute-fill flex flex-center-all\">\n<div class=\"MediaPlaceholder__Button flex flex-center-all\"><svg focusable=\"false\" aria-hidden=\"true\" class=\"MediaPlaceholder__Icon MediaPlaceholder__Icon--video icon__svg\" viewbox=\"0 0 24 24\"><use xlink:href=\"http:\/\/abcnews.go.com\/#icon__controls__play\"><\/use><\/svg><\/div>\n<div aria-hidden=\"true\" class=\"MediaPlaceholder__Pill  items-center absolute flex\">1:16<\/div>\n<\/div>\n<div class=\"MediaPlaceholder__PlaybackWrapper absolute-fill\"><\/div>\n<\/div>\n<div class=\"Caption__Wrapper\">\n<div class=\"Caption\">\n<div class=\"Caption__TextWrapper\">\n<div class=\"Caption__Text\" aria-live=\"polite\"><span class=\"Truncate Truncate--collapsed\"><span><span class=\"RichText\">Specialist James Denaro works at his post on the floor of the New York Stock Exchange, Friday, Aug. 2, 2024. (AP Photo\/Richard Drew)<\/span><\/span><\/span><\/div>\n<\/div>\n<p><span aria-label=\"The Associated Press\" class=\"RichText Caption__Credit\">The Associated Press<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ScrollSpy_container\"><span><\/span><\/div>\n<div class=\"XQpSH\" data-testid=\"prism-divider\"><\/div>\n<div class=\"xvlfx ZRifP TKoO eaKKC bOdfO\" data-testid=\"prism-article-body\">\n<p class=\"EkqkG nlgHS yuUao MvWXB TjIXL aGjvy ebVHC\"><span class=\"oyrPY qlwaB AGxeB\">NEW YORK &#8212; <\/span>Stocks tumbled Friday on <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/economy-jobs-unemployment-federal-reserve-inflation-22095766804d9c1532b4fcc29565be49\">worries<\/a> the U.S. <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/economy-growth-inflation-gdp-consumers-federal-reserve-ffba812f747d18d1f09fcf804fe4eceb\">economy<\/a> could be cracking under the weight of high interest rates meant to <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/inflation-prices-election-federal-reserve-rates-economy-d8d44ca753aace952831a8f0cb42b97c\">whip inflation<\/a>.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">The S<!-- -->&#038;<!-- -->P 500 sank 1.8% for its first <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/stocks-markets-rates-fed-currency-f0e7ee229738c6496ba3a8e12dfe05ae\">back-to-back losses<\/a> of at least 1% since April. The Dow Jones Industrial Average dropped 610 points, or 1.5%, and the Nasdaq composite fell 2.4% as a sell-off for stocks whipped all the way around the world back to Wall Street.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">A report showing hiring by U.S. employers slowed last month by much more than economists expected sent fear through markets, with both stocks and bond yields dropping sharply. It followed a batch of weaker-than-expected reports on the economy from a day earlier, including a worsening for U.S. manufacturing activity, which has been one of the areas hurt most by high rates.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">It was just <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/inflation-economy-federal-reserve-interest-rates-04d2877f47f3913acc2f992d8ef1581b\">a couple days ago<\/a> that U.S. stock indexes jumped to their best day in months after Federal Reserve Chair Jerome Powell gave the clearest indication yet that inflation has slowed enough for cuts to rates to begin in September.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Now, worries are rising the Fed may have kept its main interest rate at a two-decade high for too long. A rate cut would make it easier for U.S. households and companies to borrow money and boost the economy, but it could take months to a year for the full effects to filter through.<\/p>\n<div class=\"oLzSq QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX\">\n<div data-testid=\"prism-ad-wrapper\" style=\"transition:min-height 0.3s linear 1s\" data-ad-placeholder=\"true\">\n<div data-box-type=\"fitt-adbox-fitt-article-inline-outstream\" data-testid=\"prism-ad\">\n<div class=\"Ad fitt-article-inline-outstream  ad-slot\" data-slot-type=\"fitt-article-inline-outstream\" data-slot-kvps=\"pos=fitt-article-inline-outstream-1\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">\u201cThe Fed is seizing defeat from the jaws of victory,\u201d said Brian Jacobsen, chief economist at Annex Wealth Management. \u201cEconomic momentum has slowed so much that a rate cut in September will be too little and too late. They\u2019ll have to do something bigger than\u201d the traditional cut of a quarter of a percentage point \u201cto avert a recession.\u201d<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Traders are now betting on a 70% probability that the Fed will cut its main interest rate by half a percentage point in September, according to data from CME Group. That\u2019s even though Powell said Wednesday that such a deep reduction is \u201cnot something we\u2019re thinking about right now.\u201d<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Of course, the U.S. economy is still growing, and a recession is far from a certainty. The Fed has been clear about the tightrope it\u2019s walking since it started hiking rates sharply in March 2022: Being too aggressive would choke the economy, but going too soft would give inflation more oxygen. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">While refusing to claim victory on either the jobs or the inflation fronts on Wednesday, before the discouraging economic reports hit, Powell said Fed officials \u201chave a lot of room to respond if we were to see weakness\u201d in the job market after hiking its main rate so high. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">\u201cCertainly today\u2019s job data feeds the weakening economy narrative, but I believe the market is overreacting at this point and pricing too much in on rate cuts at this stage,\u201d said Nate Thooft, senior portfolio manager at Manulife Investment Management. \u201cYes, the economy is weakening, but I am not convinced there is enough evidence that the data so far is a death knell for the economy.\u201d <\/p>\n<div class=\"oLzSq QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX\">\n<div data-testid=\"prism-ad-wrapper\" style=\"min-height:250px;transition:min-height 0.3s linear 0s\" data-ad-placeholder=\"true\">\n<div data-box-type=\"fitt-adbox-fitt-article-inline-box\" data-testid=\"prism-ad\">\n<div class=\"Ad fitt-article-inline-box  ad-slot\" data-slot-type=\"fitt-article-inline-box\" data-slot-kvps=\"pos=fitt-article-inline-box\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">U.S. stocks had already appeared to be headed for losses Friday before the disappointing jobs report thudded onto Wall Street.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Several big technology companies turned in underwhelming profit reports, which continued a mostly dispiriting run that began last week with results from <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/tesla-earnings-second-quarter-sales-decline-8bdd0d655cddde90f534b41fd87edc4a\">Tesla<\/a> and <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/google-alphabet-second-quarter-earnings-artificial-intelligence-37db791b506a5223703e8fb7e8bebddf\">Alphabet<\/a>.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Amazon fell 8.8% after reporting <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"%20https:\/apnews.com\/article\/amazon-earnings-second-quarter-ai-1137a112377b413a72f7d34d070144f5\">weaker revenue for the latest quarter than expected<\/a>. The retail and tech giant also gave a forecast for operating profit for the summer that fell short of analysts\u2019 expectations.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Intel dropped even more, 26.1%, for its worst day in 50 years, after the chip company\u2019s profit for the latest quarter <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/intel-chip-ai-job-cuts-layoffs-loss-e61781e9364b69af63481c34ca5dcd67\">fell well short of forecasts<\/a>. It also suspended its dividend payment and forecast a loss for the third quarter, when analysts were expecting a profit.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Apple held steadier, up 0.7%, after reporting <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/apple-quarterly-earnings-iphone-artificial-intelligence-112e9d950a3f842ce32a4b86d0bdc0e7\">better profit and revenue than expected<\/a>. <\/p>\n<div class=\"oLzSq QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX\">\n<div data-testid=\"prism-ad-wrapper\" style=\"transition:min-height 0.3s linear 1s\" data-ad-placeholder=\"true\">\n<div data-box-type=\"fitt-adbox-fitt-article-inline-outstream\" data-testid=\"prism-ad\">\n<div class=\"Ad fitt-article-inline-outstream  ad-slot\" data-slot-type=\"fitt-article-inline-outstream\" data-slot-kvps=\"pos=fitt-article-inline-outstream-2\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Apple and a handful of other Big Tech stocks known as the \u201c <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/wall-street-stocks-magnificent-seven-a6e1da1a8c85c0a56f9e9c85e001ebff\">Magnificent Seven<\/a> \u201d were the main reasons the S<!-- -->&#038;<!-- -->P 500 set dozens of records this year, in part on a <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/nvidia-chip-ai-apple-microsoft-51cc2b56e5871111907de6ad9cab59ae\">frenzy around artificial-intelligence <\/a> technology. But their momentum turned last month on worries investors had taken their prices too high.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Friday\u2019s losses for tech stocks dragged the Nasdaq composite 10% below its record set last month. That level of drop is what traders call a \u201ccorrection.\u201d<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Helpfully for Wall Street, other areas of the stock market beaten down by high interest rates began rebounding sharply last month when tech stocks were regressing, particularly smaller companies. But they tumbled too Friday on worries that a fragile economy could undercut their profits.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">The Russell 2000 index of smaller stocks dropped 3.5%, more than the rest of the market. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">All told, the S<!-- -->&#038;<!-- -->P 500 fell 100.12 points to 5,346.56. The Dow dropped 610.71 to 39.737.26, and the Nasdaq composite fell 417.98 to 16,776.16.<\/p>\n<div class=\"oLzSq QrHMO GbsKS pvsTF EhJPu vPlOC zNYgW OsTsW AMhAA daRVX ISNQ sKyCY eRftA acPPc ebfE nFwaT MCnQE mEeeY SmBjI xegrY VvTxJ iulOd NIuqO zzscu lzDCc aHUBM hbvnu OjMNy eQqcx SVqKB GQmdz jaoD iShaE ONJdw vrZxD OnRTz gbbfF roDbV kRoBe oMlSS gfNzt oJhud eXZcf zhVlX\">\n<div data-testid=\"prism-ad-wrapper\" style=\"transition:min-height 0.3s linear 1s\" data-ad-placeholder=\"true\">\n<div data-box-type=\"fitt-adbox-fitt-article-inline-outstream\" data-testid=\"prism-ad\">\n<div class=\"Ad fitt-article-inline-outstream  ad-slot\" data-slot-type=\"fitt-article-inline-outstream\" data-slot-kvps=\"pos=fitt-article-inline-outstream-3\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">In the bond market, Treasury yields fell sharply as traders forecasted deeper cuts to rates coming from the Federal Reserve. The yield on the 10-year Treasury fell to 3.79% from 3.98% late Thursday and from 4.70% in April. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">In stock markets abroad, Japan\u2019s Nikkei 225 dropped 5.8%. It\u2019s been struggling since the Bank of Japan raised its <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/japan-economy-rates-boj-yen-e00919b053412fabf7a800ed78a9ad7a\">benchmark interest rate<\/a> on Wednesday. The hike pushed up the value of the Japanese yen against the U.S. dollar, which could hurt profits for exporters and deflate a boom in tourism.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Chinese stocks fell as investors registered disappointment with the <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/china-economy-politburo-xi-jinping-9b3ba568700788be08c6a47ce7c9672d\">government\u2019s latest efforts<\/a> to spur growth through various piecemeal measures, instead of hoped-for infusions of broader stimulus, while stock indexes dropped by more than 1% across much of Europe.<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">Commodity prices also had a rough ride this week. Oil prices leaped after the killings of leaders of <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE\" data-testid=\"prism-linkbase\" href=\"https:\/\/apnews.com\/article\/israel-lebanon-iran-hamas-hezbollah-haniyeh-262194a2d70273207ed1d1a5cb9ab09b?utm_source=twitter&#038;utm_medium=share\">Hamas and Hezbollah<\/a> fueled fears that a widening conflict in the Middle East could disrupt the flow of crude. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">But prices fell back Thursday and Friday on worries that a weakening economy would burn less fuel. A barrel of benchmark U.S. crude dropped back below $74 Friday after coming into the week above $77. <\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC TjIXL aGjvy\">___<\/p>\n<p class=\"EkqkG nlgHS yuUao lqtkC eTIW sUzSN\">AP Business Writers Matt Ott and Elaine Kurtenbach contributed. <\/p>\n<\/div>\n<div><\/div>\n<div class=\"Article__Footer  Article__Footer--news\">\n<div class=\"Article__Footer--items flex flex-wrap flex-no-wrap items-center justify-between\">\n<section class=\"Share flex flex-no-wrap\"><\/section>\n<\/div>\n<div class=\"StoryDivider StoryDivider--logo\">\n<hr\/>\n<p><img decoding=\"async\" alt=\"ABC News\" class=\"Image Logo Logo__xxxl\" data-mptype=\"image\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\"\/><\/p>\n<hr\/>\n<\/div>\n<\/div>\n<div class=\"taboola bmjsw lZur\" data-testid=\"prism-taboola\" style=\"min-height:800px\">\n<div id=\"taboola-below-article-thumbnails\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/asian-shares-tumble-led-45-drop-tokyo-tech-112502535\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"featured_media":2766,"template":"","meta":{"_acf_changed":false},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - 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