Investors are fretting about economic growth, with tech stocks taking the brunt after an underwhelming jobs report.
Wall Street is heading for its worst week in 18 months after a weaker-than-expected jobs report on Friday stoked investor concerns about slowing U.S. economic growth. Technology stocks took the brunt of the pain. The Nasdaq composite sank 2.6% as Broadcom, Nvidia and other tech companies led the market lower on continued worries that their shares soared too high in the boom around artificial intelligence.The S&P 500 tumbled 1.
economy could fall into a recession. That would undercut corporate profits and erase the benefits from lower rates.'All is not well with the labor market,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'The Fed wanted the labor market to come into better balance, but any balancing act is unstable.'Fed's Waller: Economic data 'requires action'Still, the jobs report did include some more encouraging data points.
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