New York, September 7 (FinanceFlashNews) – U.S. stocks closed sharply lower on Friday, with the broader S&P 500 posting its worst week since March 2023. The index fell by 1.73% to close at 5,408.42 points. The Nasdaq Composite dropped 2.55% to 16,690.83 points, now down more than 10% from its all-time high.
Meanwhile, the Dow Jones Industrial Average declined by 1.01%, closing at 40,345.41 points.
Economic Concerns Impact Markets
Weaker-than-expected labor market data stoked fears about the strength of the U.S. economy. Investors reacted by pulling out of high-valuation tech stocks.
Shares of Amazon fell 3.7%, Alphabet lost 4%, and Meta Platforms dropped more than 3%. Broadcom shares plummeted 10%, while chipmakers Nvidia and AMD were both down by 4%. The VanEck Semiconductor ETF slid 4%, marking its worst week since March 2020.
Key Index Summary:
| Index | Change (%) | Closing Value |
|---|---|---|
| S&P 500 | -1.73% | 5,408.42 |
| Nasdaq Composite | -2.55% | 16,690.83 |
| Dow Jones | -1.01% | 40,345.41 |
Weekly Losses
All three major U.S. indexes had a rough week. The S&P 500 fell 4.3%, its worst since March 2023. The Nasdaq Composite dropped 5.8%, marking its steepest weekly decline since 2022. The Dow Jones lost 2.9%.
Keywords: S&P 500, Nasdaq Composite, Dow Jones, tech stocks, U.S. labor market, economic outlook.
