S&P Suffers Worst Week in a Year
September 06,2024 04:24 pm EST
The S&P 500 dropped Friday, and tracked its worst week since March 2023, as investors assessed the fallout from a weak August jobs report and ditched leading technology stocks.
The Dow Jones Industrial index cratered 410.34 points, or 1%, to conclude Friday at 40,345.41.
The much-broader index reversed 94.99 points, or 1.7%, to 5,408.42.
The NASDAQ got slammed 436,83 points, or 2.6%, to 16,690.83.
Amazon and Alphabet slumped about 4% each, while Meta Platforms lost more than 3%. Broadcom shed 10% on lackluster current-quarter guidance. Other semiconductors fell in sympathy, with Nvidia and Advanced Micro Devices dropping about 4% each.
Fresh August jobs data showed further signs of a slowing labour 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 moved closed out a rocky week for equity markets. The S&P 500 registered a 4.3% decline and its worst week since March 2023.
The NASDAQ shed 5.8% for its worst week since 2022, while 30-stock Dow has slumped 2.9%.
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 96 cents to $68.19 U.S. a barrel.
Gold prices dropped $18.10 to $2,525.
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