The S&P 500 is mired in a four-day slump as jobs data weighs on Wall Street
The S&P 500 nabbed its fourth-straight loss on Friday, halting its weekly winning streak at three in the process. It was the index's worst weekly performance since March 2023. The Dow suffered the same fate, shedding 410 points today and closing near session lows. Not to be outdone, the exacerbated tech selloff today sent the Nasdaq 436 points lower for its worst week since January 2022.
A dismal jobs report for August is the primary culprit of today's steep losses, as fears surrounding the labor market overshadowed interest rate cut optimism. In response, the Cboe Volatility Index (VIX) had its best week since November 2023.
Continue reading for more on today's market, including:
- Dismal guidance dings struggling chip stock.
- Samsara stock nabs post-earnings record high.
- Plus, SMCI draws bear note; insurance stock ready to pop; more on tech trouble.
5 Things to Know Today
- After a massive hiring spree after the pandemic, U.S. airlines are slowing down hiring amid delivery delays, engine issues and tempering growth plans. (CNBC)
- Nvidia (NVDA) CEO Jensen Huang sold more than 5 million shares of the chip maker recently, or about $633.1 million, according to a new filing. (MarketWatch)
- Another downgrade for Super Micro Computer stock.
- Insurance stock has plenty of short squeeze potential.
- Looking back on a tumultuous holiday-shortened week.
Oil, Gold Prices Move Lower
Oil prices moved lower on Friday as investors continued to assess energy demand, though today's jobs report helped contain those losses. November-dated West Texas Intermediate (WTI) crude shed $1.63, or 2.2%, to settle at $71.06 a barrel. For the week, black gold lost 7.6%.
Nonfarm payrolls had the opposite effect on gold, which distanced itself from record high territory as investors debated the future of interest rate cuts. Gold for December delivery was last seen down 0.7% at $2,525.5 per ounce.