-
U.S. stocks fell on Friday, led by declines in tech stocks.
-
After hitting a new all-time high, the Nasdaq fell, dragged down by the sharp decline in Nvidia.
-
Employment data was mixed, with trends pointing to a slowing economy, although there were signs of interest rate cuts.
U.S. stocks fell on Friday, led by declines in tech stocks.
The Nasdaq ended down more than 1% after hitting an all-time high earlier in the day. Adding to the loss was Nvidia, which fell 5.5%.
Stocks fell sharply after Friday's release of better-than-expected jobs data, which also contained signs of a weakening economy. The U.S. added 275,000 new jobs in February, exceeding expectations of 200,000. At the same time, the unemployment rate rose to 3.9% due to a downward revision of last month's figures. Highest level in 2 years. Meanwhile, wage growth slowed during the month.
While these factors bode well for a rate cut, they also acknowledge that the economy may finally be slowing down after a period of surprisingly strong performance throughout last year.
Attention will now turn to the release of the consumer price index scheduled for next Tuesday. Inflation in January was 3.1%, higher than expected.
Here are the U.S. indices as of Friday's 4 p.m. close:
Here's what else is going on:
In Commodities, Fixed Income and Cryptocurrencies:
Read original article business insider