- The broad index fell nearly 1 percent this week, posting its worst weekly performance since September.
- The U.S. economy added 134,000 in September, well below the expected gain of 185,000. However, the U.S. unemployment rate fell to its lowest level since 1969. Wages, meanwhile, grew by 2.8 percent last month on a year-over-year basis to match expectations.
- The jobs data sent the benchmark 10-year U.S. yield to a fresh seven-year high, fueling concerns over rising rates.
‘Stocks fell on Friday after the release of mixed employment data jolted interest rates higher.
‘The S&P 500 closed 0.6 percent lower at 2,885.57 as the tech sector underperformed. The broad index also fell nearly 1 percent this week, posting its worst weekly performance since the week of Sept. 7.
‘The Dow Jones Industrial Average dropped 180.43 points to 26,447.05 as Intel and Caterpillar lagged. It also notched its second straight weekly decline.
‘The Nasdaq Composite pulled back 1.2 percent to 7,788.45 as Amazon, Apple, Netflix and Alphabet all traded lower. For the week, the tech-heavy index fell 3.2 percent, its biggest weekly drop since the week of March 23. It dropped 6.5 percent that week.’