Nasdaq, stocks drop further after key jobs data: Market close

US stocks (^DJI, ^IXIC, ^GSPC) fall further to end September's first trading week. The tech-heavy Nasdaq Composite plunged by over 2.5% while the S&P 500 fell by 1.72% as markets took in August's jobs data released this morning.

Market Domination Overtime co-host Julie Hyman recaps the losses major market averages saw in Friday trading and over the past five sessions, noting the deepening sell-off occurring in Nasdaq 100 (^NDX) tech leaders.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video transcript

There's the closing bell on Wall Street, and now it is market domination over time.

So let's see where the major averages ended on the session near the lows.

Not quite all the way at the lows, but near the lows for the major averages here of the S and P 500.

The Dow, I should say off almost 410 points here, down about a percent.

The S and P 500 off by 1.7%.

And let's get another look at that stat for the week down, uh, 3.2% Or, uh, even worse than that when you date it from Friday's close here, the steep decline that we've seen looking like the worst, uh, weekly performance going back, uh, to march of 2023 for the NASDAQ, its worst weekly performance, going all the way back to 2022 and off a steep 2.5% or so on the session.

Of course, all of this has to do with the jobs report that we got this morning, even though the unemployment rate did tick down to 4.2%.

Non farm payrolls coming in lower than estimated and raise concerns about the state of the labour market.

But in addition to all of that, what really hurt, if you will during the session was the sell off that we saw in technology in particular.

Remember when tech would welcome the news of lower rates?

Well, we are a far cry from that, aren't we?

Because we are seeing this really just so much read on your screen screen.

I'm gonna equal weight it here just to give you I mean, a scant dozen of stocks in the NASDAQ 100 were hired today, and many of those were down that were down the most for some of the biggest names.

Broadcom, down 10% after its earnings, Tesla off by more than 8% on the session as well, NVIDIA down another 4%.

Adding to the selling that we have already seen and in getting to the sectors overall, As we pointed out earlier, some of the defensive groups were doing either better or less worse, depending on how you look at it.

So, for example, consumer staples only down about a quarter of 1% real estate, pretty much unchanged here.

But tech consumer discretionary communication services deeply into the red Josh