S&P 500 Tumbles Friday to Post Worst Week Since 2023, Nasdaq Drops 2% for Worst Weekly Performance Since 2022
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% to settle at 5,408.42, while the Nasdaq Composite shed 2.55% to close at 16,690.83. The tech-heavy index ended the session more than 10% off its record close. The Dow Jones Industrial Average fell 410.34 points, or 1.01%, 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%, and Alphabet slumped 4%. Meanwhile, Meta Platforms lost more than 3%. Broadcom shed 10% on lackluster current-quarter guidance. Other semiconductor names fell in sympathy, with Nvidia and Advanced Micro Devices dropping about 4% each. The VanEck Semiconductor ETF declined 4%, 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% decline and its worst week since March 2023. The Nasdaq shed 5.8% for its worst week since 2022, while the 30-stock Dow has slumped 2.9%.
Source : CNBC
