REFILE-US STOCKS-Wall Street sinks to 1-month low on trade, growth fears

(Corrects paragraph 14 to show oil prices were lower for the
week, not for the day.)
* All 3 major U.S. stock indexes on track for worst weeks
since
December
* U.S. employment growth in July slows
* Apple drags tech, Nasdaq lower
* Indexes down: Dow 0.58%, S&P 0.83%, Nasdaq 1.47%

By Evan Sully
NEW YORK, Aug 2 (Reuters) - Wall Street extended its
sell-off on Friday as renewed U.S.-China trade jitters and a
slowdown in job growth put all three major U.S. stock indexes on
pace for their worst week since December, when markets hit their
trough amid recession fears.
The S&P 500 and the blue-chip Dow looked set to post their
fifth consecutive day of losses, marking the S&P 500's first
five-day losing streak since mid-March. The Nasdaq was on track
for its fourth down day in a row.
The sell-off wrapped up a tumultuous week, which saw the
U.S. Federal Reserve cut interest rates for the first time since
2008 and a renewal of trade war fears following a tweet by U.S.
President Donald Trump announcing plans to impose additional
tariffs on $300 billion of Chinese imports on Sept 1.
A report from Labor Department on Friday showed that nonfarm
payrolls increased by 164,000 jobs last month, in line with
expectations. "The 164,000 gain in non-farm payrolls in July illustrates
that, for all the concern over weak global growth and trade
policy, the domestic economy is still holding up reasonably
well," said Andrew Hunter, senior U.S. economist at Capital
Economics in London.
"President Donald Trump's move to re-escalate tensions with
China has clearly increased the pressure on the Fed to deliver
further policy loosening," Hunter added. "But the relative
resilience of employment growth suggests that trade tensions
alone won't necessarily be enough to convince officials to cut
rates again."
The CBOE Volatility index .VIX , a gauge of investor
anxiety, was on a path to close at its highest level in two
months.
The Dow Jones Industrial Average .DJI fell 155.36 points,
or 0.58%, to 26,428.06, the S&P 500 .SPX lost 24.58 points, or
0.83%, to 2,928.98 and the Nasdaq Composite .IXIC dropped
118.91 points, or 1.47%, to 7,992.21.
Of the 11 major sectors in the S&P 500, eight were trading
lower.
Technology companies .SPLRCT , which get a sizeable portion
of their revenue from China, were the hardest hit, down 1.75%.
This sector was weighed by iPhone maker Apple Inc AAPL.O and
chipmakers.
The tech-heavy Nasdaq was set for its biggest one day
percentage drop in two and a half months.
The Philadelphia Semiconductor index .SOX slipped 1.7%,
while shares of Apple fell 2.2%.
Second quarter earnings season has passed its halfway mark,
with 380 of the companies in the S&P 500 having reported. Of
those, 73.9% have beaten analyst expectations.
New tariff threats dragged oil prices CLc1 lower for the
week, as Exxon Mobil XOM.N and Chevron CVX.N reported
quarterly results.
Exxon topped analyst expectations but fell year-on-year,
while Chevron's earnings rose 26% in line with forecasts. Exxon
Mobil's and Chevron's shares were down 1.5%, and 0.1%,
respectively.
Sprint Corp S.N shares dropped 6.2% even after reporting
fewer-than-expected phone subscriber losses in the quarter.
Restaurant Brands International QSR.TO jumped 6.3%, after
quarterly profits topped expectations. Declining issues outnumbered advancing ones on the NYSE by a
2.01-to-1 ratio; on Nasdaq, a 2.45-to-1 ratio favored decliners.
The S&P 500 posted 9 new 52-week highs and 10 new lows; the
Nasdaq Composite recorded 16 new highs and 172 new lows.