U.S. stocks sold off for a second straight session on Friday, and the Nasdaq Composite confirmed it was in correction territory after a soft jobs report stoked fears of an oncoming recession.

Market Snapshot

The Dow Jones Industrial Average fell 610.71 points, or 1.51%, to 39,737.26, the S&P 500 lost 100.12 points, or 1.84%, to 5,346.56 and the Nasdaq Composite lost 417.98 points, or 2.43%, to 16,776.16.

Market Movers

Chip maker Intel sank 26% after announcing it would be cutting 15,000 jobs and suspending its dividend. The company said it planned to reduce costs by more than $10 billion next year. Intel ’ s announcement came as it reported weaker-than-expected second-quarter adjusted earnings and issued disappointing third-quarter guidance. Intel expects third-quarter revenue in the range of $12.5 billion to $13.5 billion, below estimates of $14.4 billion.

Amazon.com dropped 8.8% after saying it expects third-quarter revenue of between $154 billion and $158.5 billion, compared with Wall Street estimates of $158.22 billion. The tech giant and online retailer posted second-quarter earnings of $1.26 a share on revenue of $148 billion. Analysts had been expecting profit of $1.03 a share on revenue of $148.7 billion. The company ’ s AWS cloud computing business had revenue of $26.3 billion in revenue in the period, up from $22.1 billion a year earlier and better than estimates of $26 billion.

Apple, the iPhone maker, reported fiscal third-quarter earnings of $1.40 a share that beat estimates on a revenue jump of 5% to $85.8 billion. But sales of the iPhone fell from a year earlier, down 0.9% to $39.3 billion. Apple shares rose 0.7%.

Exxon Mobil fell 0.1% after the energy giant reported second-quarter earnings of $2.14 a share, better than expectations of $2.02, while Chevron tumbled 2.7% after second-quarter adjusted earnings of $2.55 a share missed Wall Street estimates of $2.93. Chevron also announced it would relocate its headquarters to Houston from San Ramon, Calif.

Snap, the parent company of Snapchat, fell 27% after the social-media company reported second-quarter revenue that was short of analysts ’ estimates and said it expected third-quarter revenue of $1.34 billion to $1.38 billion, compared with analysts ’ estimates of $1.36 billion.

DoorDash, the food-delivery company, rose 8.4% after reporting a narrower loss in the second quarter and as revenue jumped 23% to $2.63 billion.

Booking Holdings declined 9.2%. The online travel company said gross travel bookings in the second quarter rose 4.4% to $41.4 billion but missed analysts ’ estimates of $41.77 billion.

Clorox rose 7.4% after the maker of cleaning products reported fiscal fourth-quarter profit that rose from a year earlier. Adjusted earnings of $1.82 a share topped estimates of $1.55.

Atlassian tumbled 17% after the software company issued disappointing fiscal first-quarter revenue guidance.

Microchip Technology fell 11% after the stock was downgraded to Neutral from Buy at BofA Securities following weaker-than-expected guidance from the semiconductor company.

Cloudflare rose 6.8% after the cybersecurity and software company beat Wall Street ’ s second-quarter adjusted earnings expectations and issued better-than-expected guidance for the fiscal year.

Market News

US sues TikTok over 'massive-scale' privacy violations of kids under 13

The U.S. Justice Department filed a lawsuit Friday against TikTok and parent company ByteDance for failing to protect children's privacy on the social media app as the Biden administration continues its crackdown on the social media site.

The government said TikTok violated the Children's Online Privacy Protection Act that requires services aimed at children to obtain parental consent to collect personal information from users under age 13.

Fed's Goolsbee: don't want to 'blow through' full employment

Chicago Federal Reserve Bank President Austan Goolsbee said on Friday the U.S. central bank should move in a "steady" way, a mild pushback against the rush of market bets that the Fed will react to a report of weak July jobs data with a bigger-than-usual half-point rate cut in September.

"We never want to overreact to any one month's numbers," Goolsbee said in a Bloomberg TV interview. Even so, he said, "Our absolute goal now is we want to settle at something like full employment, not blow through normal and deteriorate."