U.S. stocks tumble as jobs report nears

06-Aug (MarketWatch) — U.S. stocks carved out new session lows Thursday as a mix of economic data indicated the Federal Reserve may decide on a September rate hike and investors showed caution a day ahead of a closely watched jobs report.

Blue-chip component Walt Disney Co. DIS, -5.31% which was under pressure for a second trading session after reporting revenues that fell short of the market’s high expectations for the media and theme park giant, also put pressure on the Dow in early trade.

The trading action also was marked by steep declines in shares of media companies, including Viacom Inc. VIA, -14.84% which has seen its shares crushed lately, Time Warner TWX, -5.01% and 21st Century Fox FOX, -8.97% as these cable firms experience an exodus of pay-TV subscribers.

But the main focus is on U.S. economic data as the jobs report looms.

[source]