Wall Street saw sharp declines on Friday, driven by weaker-than-expected U.S. job growth, signaling a potential economic slowdown. The S&P 500 fell 1.7%, ending at 5,408.42, while the tech-heavy Nasdaq tumbled 2.6% to 16,690.83. The Dow Jones also dropped 1% to 40,345.41.
The U.S. added 142,000 jobs in August, a slight improvement from July but still below expectations. The unemployment rate dipped to 4.2%. This data has fueled speculation of a smaller 25-basis-point Federal Reserve rate cut. Notably, Broadcom's shares plummeted 10.4% after a disappointing revenue forecast.