Stock Market Today: S&P 500 snaps 2-week win streak as Nvidia nosedive dents tech
Investing.com — The S&P 500 snapped a two-week win streak Friday, on an abrupt halt in Nvidia's record run and a mixed labor market report showing that more jobs were created in February, but the unemployment rate unexpectedly ticked up as layoffs picked up pace last month.
By 16:00 ET (21:00 GMT), the S&P 500 fell 0.7%, NASDAQ Composite slipped 1.2%, and Dow Jones Industrial Average fell 0.2%. or 68 points, with the latter closing out its worst week since October.
Nonfarm payrolls rose by 275,000 in February, increasing from a downwardly revised total of 229,000 in January, according to data from the Labor Department's Bureau of Labor Statistics. Economists had called for a reading of 198,000.
The better-than-expected jobs added last month kept a lid on wage growth, while unemployment rate unexpectedly ticked up.
«The payroll data suggests that the Fed should be on hold, but the wage, hours worked, and household data all suggest that a cut will be appropriate at some point soon,» Jefferies said in a note.
The mixed jobs report comes just a week ahead of another data-fuel week, with the latest consumer inflation data on the calendar that is expected to «show another strong monthly increase,» UBS said, reiterating its forecast for three rate cuts in this year.
«Our base case remains that the Fed will cut rates in June with a total of three cuts by the end of 2024, but some softening of the data is likely required for that to happen,» Brian Rose, Senior US Economist, UBS Global Wealth Management, said.
Costco (NASDAQ:COST) stock fell 7% after the big-box retailer reported second-quarter revenue that missed expectations as demand for higher-priced items was dented by a more cost-conscious consumer. A «lack of a
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