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U.S. stocks fell on Friday, led by declines in tech stocks.
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After hitting a new all-time high, the Nasdaq fell, dragged down by the sharp decline in Nvidia.
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Employment data was mixed, with trends pointing to a slowing economy, although there were signs of interest rate cuts.
U.S. stocks fell on Friday, led by declines in tech stocks.
The Nasdaq ended down more than 1% after hitting an all-time high earlier in the day. Adding to the loss was Nvidia, which fell 5.5%.
Stocks fell sharply after Friday’s release of better-than-expected jobs data, which also contained signs of a weakening economy. The U.S. added 275,000 new jobs in February, exceeding expectations of 200,000. At the same time, the unemployment rate rose to 3.9%, the highest level in two years, due to a downward revision of last month’s figures. Meanwhile, wage growth slowed during the month.
While these factors bode well for rate cuts, they recognize that the economy, which has been surprisingly strong throughout the last year, may finally be slowing.
Attention will now turn to the release of the consumer price index scheduled for next Tuesday. Inflation in January was 3.1%, higher than expected.
Here are the U.S. indices as of Friday’s 4 p.m. close:
Here’s what else is going on:
In Commodities, Fixed Income and Cryptocurrencies:
Read the original article on Business Insider
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