Stocks Tumble On Jobs Data, Nasdaq 100 Eyes Worst Week In 2 Years As Semiconductors Slump: What's Driving Markets Friday?

Benzinga09-07

Investors showed little enthusiasm for the August jobs report, as the slower-than-expected hiring numbers deepened worries about a softening labor market. The U.S. economy added 142,000 nonfarm jobs ...

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The unemployment rate edged down by 0.1% to 4.3%, in line with expectations, while wages saw stronger-than-anticipated growth, rising 0.4% month-over-month.\nOn Friday, markets shifted sharply into risk-off mode, with all major indices dropping over 1% by midday trading in New York. \nThe CBOE Volatility Index (VIX) spiked over 17% to 23 points. The Nasdaq 100 led the decline, losing over 5% for the week, eyeing its worst performance since September 2022.\nSemiconductors dragged down the tech-heavy index. The iShares Semiconductor ETF (NYSE:SOXX) dropped nearly 5%, while Nvidia Corp. (NASDAQ:NVDA) fell more than 4%. The chipmaker giant extended the weekly loss to 14%, on track for its steepest decline since October 2022.\nInvestors dumped equities and moved into cash as the U.S. dollar strengthened despite weaker-than-expected nonfarm payroll data.\nIn the bond market, short-term Treasury yields tumbled, bringing the yield curve back to a normal shape after two years of inversion. The two-year Treasury yield fell below the 10-year, signaling a shift in economic outlook.\nCommodities took heavy losses across the board. Gold dropped 0.9%, silver plunged 3.1% and crude oil (WTI) slid 3%, reaching $66 per barrel, the lowest since May 2023.\nBitcoin (CRYPTO: BTC) also dropped, losing over 3%, as investors steered clear of crypto assets amid a broad-based decline in risk appetite.\nFriday’s Performance In Major US Indices, ETFs\n\n\n\nMajor Indices\nPrice\n1-day %chg\n\n\nDow Jones\n40,320.98\n-1.1%\n\n\nS&P 500\n5,406.64\n-1.8%\n\n\nRussell 2000\n2,092.33\n-2.2%\n\n\nNasdaq 100\n18,424.39\n-2.7%\n\n\n\nUpdated at 12:50 p.m. ET\nAccording to Benzinga Pro data: \n\nThe SPDR S&P 500 ETF Trust (NYSE:SPY) was 1.8% lower to $539.77.\nThe SPDR Dow Jones Industrial Average (NYSE:DIA) fell 1.1% to $404.13.\nThe tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) tumbled 2.7% to $448.38.\nThe iShares Russell 2000 ETF (NYSE:IWM) fell 2.2% to $207.31.\nThe Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, flat for the day, while the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 3%.\n\nFriday’s Stock Movers\n\nBroadcom Inc. (NASDAQ:AVGO) tumbled 9.9%, on track for its worst session since March 2020, following weaker-than-expected guidance.\nOther stocks reacting to earnings included Samsara Inc. (NYSE:IOT), up 13%, Guidewire Software Inc. (NYSE:GWRE), up 11.8% and DocuSign Inc. (NASDAQ:DOCU), up 3.9%. \nSuper Micro Computer Inc. (NASDAQ:SMCI) plummeted over 7% as JPMorgan downgraded the rating from Buy to Neutral and sharply lowered its price target from $950 to $500. \n\nRead Next:\n\nAI Tech Sector ‘Is Not In A Bubble,’ But Diversification Out Of Magnificent 7 Is Key, Goldman Sachs Says\n\nPhoto created using artificial intelligence via Dall-E. \n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nAPPLE (AAPL): Free Stock Analysis Report\nTESLA (TSLA): Free Stock Analysis Report\n\nThis article Stocks Tumble On Jobs Data, Nasdaq 100 Eyes Worst Week In 2 Years As Semiconductors Slump: What's Driving Markets Friday? originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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