S&P 500 Midday Slide: What a 37-Point Drop Means Before the Jobs Report
As seen on the 24/7 Wall St. homepage on August 31, 2026.
- S&P 500-0.49%
- Dow Jones Industrial Average-0.65%
- Nasdaq Composite-0.40%
The Dow's 348-point midday slide hits old-economy cyclicals hardest, while the Nasdaq holds up better. Friday's August jobs report is the next test for anyone still hoping the Fed stays put.
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The S&P 500 slipped to 7,673.75 by midday, down 37.73 points from Friday's close, with selling pressure consistent enough through the morning to look like more than opening noise.
The Dow Jones Industrial Average has taken the harder hit, down about 0.6%, while the Nasdaq Composite has held up better, a split that shows where institutional money is pulling back.
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Friday's August jobs report decides where this goes: a softer number revives rate-cut expectations and reverses today's losses, while a hotter result cements the case for the Federal Reserve to hold and pressures equities into month-end.
Traders are positioning around that binary outcome into the afternoon. Keep an eye on whether the S&P can recover its previous close at 7,711.48 or whether sellers defend that level into the jobs data.