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US stocks slid lower on Friday, dragged down by a sell-off in tech.
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The Nasdaq tumbled after touching record highs, pulled down by a sharp drop for Nvidia.
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The jobs report was a mixed bag, with trends boding well for rate cuts but pointing to a cooler economy.
US stocks tumbled on Friday, dragged down by a sell-off in tech.
The Nasdaq ended down more than 1% after touching an all-time high earlier in the day. Stoking the rout was Nvidia, which dropped by 5.5%.
Stocks fizzled after fresh jobs data rolled in hotter than expected on Friday, but included signs of a cooling economy. The US added 275,000 new jobs in February, which blew past estimates of 200,000. At the same time, downward revisions to prior months’ figures pushed the unemployment rate up to 3.9%, the highest level in two years. Meanwhile, wage growth slowed down during the month.
Those factors bode well for rate cuts but are an acknowledgement that the economy may finally be slowing after a period of stunning strength throughout all of last year.
All eyes will shift to the consumer price index report slated for next Tuesday. Inflation in January came in at 3.1%, higher than expected.
Here’s where US indexes stood at the closing bell at 4:00 p.m. on Friday:
Here’s what else is going on:
In commodities, bonds, and crypto:
Read the original article on Business Insider