S&P Heads for Worst Week in a Year
September 06,2024 12:36 pm EST
The S&P 500 fell Friday, and headed for its worst week since March 2023, as investors assessed a weaker-than-expected August jobs report and ditched technology stocks.
The Dow Jones Industrial index cratered 437.14 points, or 1.1%, to move into lunch hour Friday at 40,318.61.
The much-broader index reversed 96.2 points, or 1.8%, to 5,407.21.
The NASDAQ got pasted 437.51 points, or 2.6%, to 16,690.15.
Megacap tech stocks fell as investors dumped risk assets amid mounting worries about the health of the U.S. economy. Amazon and Alphabet slumped more than 3%, while Microsoft and Meta Platforms lost more than 1%. Broadcom shed 10% after forecasting in-line guidance. Other semiconductors fell in sympathy, with Nvidia, Advanced Micro Devices and Marvell Technology last down more 5% each.
Fresh August jobs data showed further signs of a slowing labor market as growth fears mount on Wall Street. Nonfarm payrolls grew by 142,000, versus a 161,000 gain expected by economists polled by Dow Jones. However, the unemployment rate edged down to 4.2%, in line with expectations.
Friday's data print comes on the heels of a rocky week for equity markets. The S&P 500 is on pace for a 4% decline and its worst week of the year, while the NASDAQ is down 5.6% and headed for its worst week since April. The 30-stock Dow has slumped 2.8%.
Prices for the 10-year Treasury gained ground, lowering yields to 3.72% from Thursday's 3.73%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.96 to $67.19 U.S. a barrel.
Gold prices dropped $19.20 to $2,523.90.
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