U.S. stocks fell last week amid increased concerns for a slowing economy following a weak July jobs report and a jump on the nation’s unemployment rate to 4.3%, the highest since October 2021. As widely expected, Federal Reserve policymakers voted to hold interest rates unchanged at the July month-end meeting. Wall Street was also stung by underwhelming earnings from Big Tech companies, including two Magnificent Seven mega caps. Chipmakers were especially hard hit with the PHLX Semiconductor Index skidding 9.7% while small caps gave back most of their recent gains.