GLOBAL MARKETS - US markets fell at worst for longer than a year
Istanbul, September 7 (Hibya) - 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.
The broad index slid 1.73 percent to settle at 5,408.42, while the Nasdaq Composite shed 2.55 percent to close at 16,690.83. The tech-heavy index ended the session more than 10 percent off its record close. The Dow Jones Industrial Average
fell 410.34 points, or 1.01 percent, to end at 40,345.41.
Megacap tech stocks tumbled as investors dumped risk assets amid mounting worries about the health of the U.S. economy. Amazon slid 3.7 percent and Alphabet slumped 4 percent. Meanwhile, Meta Platforms lost more than 3 percent. Broadcom shed 10 percent on lackluster current-quarter guidance.
Other semiconductor names fell in sympathy, with Nvidia and Advanced Micro Devices dropping about 4 percent each. The VanEck Semiconductor ETF (SMH) declined 4 percent and posted its worst week since March 2020.
Friday’s moves closed out a rocky week for equity markets. The S&P 500 registered a 4.3 percent decline and its worst week since March 2023. The Nasdaq shed 5.8 percent for its worst week since 2022, while the 30-stock Dow has slumped 2.9 percent.
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 percent, in line with expectations.
The S&P 500 slid 1.73 percent to settle at 5,408.42, while the Nasdaq Composite shed 2.55 percent to close at 16,690.83. The Dow Jones Industrial Average fell 410.34 points, or 1 percent, to end at 40,345.41.
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