S&P 500 has worst week since 2023 due to soft job data

From Investing.com: 2024-09-06 16:11:31

The S&P 500 dropped sharply, marking its worst week since 2023 as concerns about the economy grew due to lower-than-expected job creation in August. The index fell 1.7% by Friday close, with the tech-heavy Nasdaq down 2.5% and the Dow Jones falling 1%.

Nonfarm payrolls for August came in below estimates at 142,000, up from a revised July figure of 89,000. The US unemployment rate was 4.2%, in line with estimates, and average hourly earnings grew by 0.4% after contracting in July.

Fed Governor Christopher Waller called for rate cuts later this month depending on economic data, though markets are already anticipating aggressive Fed cuts to combat a possible slowdown.

Broadcom’s sales outlook for the current quarter slightly disappointed investors, leading to a more than 10% drop in their stock price. Conversely, UiPath, despite beating Q2 estimates, fell 6% as investors await further signs of stable execution before turning bullish on the company.



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