NEW YORK — Another rout hit Wall Street Friday, with formerly high-flying technology stocks again taking the brunt, after a highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy.
Such a softening of the job market is actually just what the Federal Reserve and its chair, Jerome Powell, have been trying to get in order to stifle high inflation, “but only to a certain extent and the data is now testing Chair Powell’s stated limits,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
Still, the jobs report did include some encouraging data points. For one, the unemployment rate improved to 4.2% from 4.3% a month earlier. That was better than economists expected. And even if August’s hiring was weaker than forecast, it was still better than July’s pace. All the uncertainty sent Treasury yields on a wild ride in the bond market as traders tried to handicap the Fed’s next moves.
A big reason for Friday’s sharp drops was weakness for some big tech stocks that had been benefiting from the AI boom.
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