Stocks ended firmly lower Friday. The Dow lost 558 points to 24388 while the S&P 500 fell 62 points to 2633. The Nasdaq Composite slipped 219 points to 6969.
The major averages retreated as lingering trade concerns overshadowed the jobs data. Technology stocks took the brunt of the decline after members of the Trump administration said additional tariffs could be imposed after the 90-day trade negotiation. The Labor Department’s jobs report eased worries of accelerated Fed rate hikes after showing the U.S. economy added 155,000 jobs in November, below expectations of 198,000. Additionally, the unemployment rate remained at a 50-year low of 3.7%, while average hourly earnings ticked up 3.1% year-over-year, matching the October report and the best wage growth since 2009.
Ten of 11 S&P 500 sectors finished in negative territory. Technology shares fell the most with NVIDIA sliding 6.8% to $147.61 and Apple declining 3.6% to $168.49 after an analyst cut its iPhone sales estimates. Industrials also lagged amid heightened trade concerns with Caterpillar retreating 3.8% to $123.55.
Breadth was negative on issues by 4:1 on the NYSE and by 3:1 on the Nasdaq. Composite NYSE Volume was more than 4.0 billion shares.
Treasuries and gold strengthened amid a perceived “flight to safety.” The yield on the benchmark 10-year note declined three basis points to 2.85% while gold gained 0.7% to $1246.80/ounce. Elsewhere, WTI crude added 1.8% to $52.43/barrel after OPEC and its allies agreed to production cuts.
The S&P 500 experienced its worst week since March, falling 4.6%. The Dow posted a 4.5% decline, while the Nasdaq tumbled 4.9%.