Stock market today: Nasdaq futures lead stocks lower ahead of crucial jobs report

Published On Sep 6, 2024, 6:38 AM

US stocks closed down on Friday, marking a tough week for the markets as investors reacted to a disappointing jobs report that pointed to a cooling labor market. The Nasdaq, S&P 500, and Dow fell significantly, particularly among tech stocks that have been leading the market. The jobs report indicated a creation of 142,000 jobs in August, below expectations and with downward revisions to previous months. This report has increased anticipation for interest rate cuts from the Federal Reserve in their upcoming meeting. Broadcom's stock plummeted over 10% due to a weaker sales forecast, impacting other semiconductor companies like Nvidia, which saw a 4% drop. Analysts are lowering their earnings expectations, and economic volatility is expected to persist as the market adjusts to these developments and upcoming inflation data is awaited.