Stocks sink after jobs report, on track for big weekly losses
Published On Sep 6, 2024, 4:05 PM
US stocks experienced significant declines, particularly in the technology sector, as the Nasdaq Composite fell over 2.5% amid a volatile trading week. The August jobs report revealed only 142,000 jobs were added, below the expected 165,000, and despite a slight drop in the unemployment rate to 4.2%, signs of a cooling labor market raised concerns. This has shifted expectations towards a potential interest rate cut by the Federal Reserve at their upcoming meeting. Investors are particularly nervous about potential cuts being larger than previously anticipated. In corporate news, Broadcom's shares plunged over 10% due to a disappointing sales forecast, affecting other semiconductor stocks like Nvidia, which declined around 4%.