As investors evaluated the implications of a poor August jobs data and sold off key technology stocks, the S&P 500 fell on Friday, recording its worst week since March 2023.
The Nasdaq Composite fell 2.55% to conclude at 16,690.83, while the broad index down 1.73% to close at 5,408.42.
The tech-heavy index finished the session over 10% below its closing record. At 40,345.41, the Dow Jones Industrial Average finished down 410.34 points, or 1.01%.
Growth concerns are a major factor driving this sentiment-driven move, co-chief investment strategist at John Hancock Investment Management.
“The market is vacillating between the notions of whether bad news is good news or bad news is bad news, and the possibility that it could rekindle expectations that the Fed will act more.”
Source (CNBC)
