US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed.
The S&P 500 gave up earlier gains, ending 0.3% lower and below Thursday's record close, the Dow dropped 220 points, while the Nasdaq 100 was flat. The economy added just 22K jobs, well below the 75K forecast, while the unemployment rate rose to 4.3%, highlighting a cooling labor market.
Traders priced in a higher chance of interest-rate cuts, with bets rising on a potential 50bps reduction this month. Banks, energy, and industrials sectors led the decline, while real estate gained on rate-cut optimism.
Broadcom jumped 9.4% on strong AI-driven revenue forecasts, while Nvidia dropped 2.7% and AMD fell 6.6% after President Trump's warning of semiconductor tariffs. Lululemon tumbled 18.6% following a second profit warning, and major banks, including JPMorgan and Wells Fargo, fell over 2.5%.
Source : Trading Economics
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