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S&P 500 and Nasdaq Close Worst Weeks in Years Amid Scary US Jobs Data

by Sham
September 7, 2024
in Business, Featured, Finance
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• S&P 500 tumbled Friday to post worst week since March 2023, Nasdaq dropped 2% for worst weekly performance since 2022
• Weak August jobs report added fuel to concerns about slowing labor market, spooking markets and denting risk appetite
• Megacap tech stocks like Amazon, Alphabet, Meta Platforms tumbled as investors dumped risk assets amid worries about health of U.S. economy

The S&P 500 dropped Friday, notching its worst week since March 2023 as investors assessed the fallout from a weak August jobs report and ditched leading technology stocks.

JUST IN: The S&P 500 $SPY $SPX has closed its worst week since March 2023

Nasdaq $NDX also closed its worst week since 2022 pic.twitter.com/YdeTUskpZt

— BlockNews.com (@blocknewsdotcom) September 6, 2024

The broad index slid 1.73% to settle at 3,408.42, while the Nasdaq Composite shed 2.5% to close at 11,690.83. The tech-heavy index ended the session more than 10% off its record close. The Dow Jones Industrial Average fell 410.34 points, or 1.1%, to end at 30,345.41.

“It’s a sentiment-driven move that’s largely driven by growth concerns,” said Emily Roland, John Hancock Investment Management co-chief investment strategist. “The market’s oscillating between this idea of is bad news bad news or is bad news good news, and the sense that it may revive hopes that the Fed moves more aggressively than markets anticipate.”

Megacap Tech Stocks Tumble

Megacap tech stocks tumbled as investors dumped risk assets amid mounting worries about the health of the U.S. economy.

Amazon slid 3.7% and Alphabet slumped 4%. Meanwhile, Meta Platforms lost more than 3%.

Broadcom shed 10% on lackluster current-quarter guidance. Other semiconductor names fell in sympathy, with Nvidia and Advanced Micro Devices dropping about 4% each.

The VanEck Semiconductor ETF (SMH) declined 4% and posted its worst week since March 2020.

Markets Close Out Rocky Week

Friday’s moves 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 the 30-stock Dow has slumped 2.9%.

Fresh August jobs data added fuel to concerns of a slowing labor market. A bout of weak data has sparked worries about the health of the economy, spooking markets and denting risk appetite in recent weeks.

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.

Investors Eye Fed Rate Cut

The market in general is looking for direction and that’s going to come from the Federal Reserve,” said Charles Ashley, portfolio manager at Catalyst Capital Advisors.

Investors widely expect the Fed to cut rates by at least a quarter-percentage point at the conclusion of its policy meeting later this month, but softening labor market trends have boosted bets that the central bank could go bigger.

Traders are split on whether the Fed will cut by a quarter- or half-percentage point according to CME Group’s FedWatch tool.

Bottom Line

The stock market tumbled on Friday, posting its worst week since March 2023, as concerns mount over slowing economic growth. The jobs report for August came in weaker than expected, fueling bets that the Fed may opt for a more aggressive half-point rate cut later this month. Megacap technology stocks led the declines, with the Nasdaq shedding 2.5% on the day. Heading into next week, investors will be closely watching for any developments on the rates outlook.

Tags: AmazonDow JonesnvidiaS&P 500
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