With investors selling technology stocks and evaluating a less-than-expected August jobs report, the S&P 500 dropped on Friday, setting up for its worst week since March 2023.
With the Nasdaq Composite down 2.1%, the broad index fell 1.4%. 2.90 points, or 0.7%, were taken off the Dow Jones Industrial Average. Megacap tech companies dropped as investors’ selling of risky assets persisted due to growing concerns over growth. Along with Microsoft and Meta Platforms, Amazon and Alphabet fell more than 2%.
After projecting revenue for the fiscal fourth quarter that was in line, Broadcom sold off by 10%. With Nvidia, Advanced Micro Devices, and Marvell Technology falling more than 4% apiece, other semiconductors also saw a downturn in sympathy. There was a 4% decrease in the iShares Semiconductor ETF.
Source (CNBC)
