Wall Street ended its worst week in 18 months after a weaker-than-expected jobs report on Friday stoked investor concerns about slowing U.S. economic growth.
Technology stocks took the brunt of the pain. The Nasdaq composite sank 2.6% as Broadcom, Nvidia and other tech companies led the market lower on continued worries that their shares soared too high in the boom around artificial intelligence.
The S&P 500 tumbled 1.7% on Friday, capping the broad-based index’s worst week since March 2023. The Dow Jones Industrial Average sank 410 points, or 1%, after flipping an early gain of 250 points.
The market swooned after the August jobs report showed U.S. employers hired fewer workers than economists expected, while government data showed that hiring was even weaker in July than earlier reported. It’s the second straight month where hiring has come in below forecasts, worsening worries after recent data showed weakness in manufacturing and some other areas …