Shares of market heavyweights Apple Inc and Tesla Inc were also major drags on the market, pushing down the consumer discretionary and technology sectors while energy outperformed as oil prices rose.Shares of market heavyweights Apple Inc and Tesla Inc were also major drags on the market, pushing down the consumer discretionary and technology sectors while energy outperformed as oil prices rose.
Earlier, the Labour Department’s closely watched report showed non farm payrolls rose by 390 000 jobs last month and wages grew, while the unemployment rate held steady at 3.6% -all signs of a tight labor market.While the jobs report was reassuring for the current state of the economy, investors focused primarily on its potential influence on central bank policy.
Shawn Snyder, head of investment strategy at Citi Personal Wealth Management, saw the solid report as a double-edged sword. According to preliminary data, the S&P 500 lost 68.42 points, or 1.64%, to end at 4,108.40 points, while the Nasdaq Composite lost 305.50 points, or 2.48%, to 12,011.40.Volatility has gripped Wall Street in recent weeks as investors debated whether markets had hit a bottom against the backdrop of some hawkish comments from Fed officials and data suggesting that inflation may have peaked.