The Dow Jones New York stock market index ended lower on Friday (March 8), while the S&P 500 and Nasdaq indexes fell after hitting intraday highs, reporters said. Chip stocks fell amid profit-taking pressure. Meanwhile, labor market data releases showed that new jobs in the U.S. rose more than expected.
The Dow Jones Industrial Average fell 68.66 points, or -0.18%, to 38,722.69 points, the S&P500 index fell 33.67 points, or -0.65%, to 5,123.69 points, and the NASDAQ index lost 16,81 points. .
For the week, the Dow Jones industrial average fell 0.93%, the S&P 500 fell 0.26% and the Nasdaq fell 1.17%.
The S&P500 and Nasdaq indexes fell on Friday. After reaching a record high during the day. The Philadelphia Semiconductor stock index fell 4%, hitting an intraday record high.
Shares in the Indian artificial intelligence (AI) chipmaker closed up 5.6% after rising more than 5% in morning trade. And after closing positive for 6 days continuously
Broadcom shares fell 7% after predicting full-year earnings to be lower than investors expected. And Marvell Technology shares fell 11.4% after predicting first-quarter results to fall short of market expectations. Due to weak demand
The U.S. stock market got off to a positive start in the morning after the U.S. Labor Department released data indicating that U.S. nonfarm payrolls rose by a better-than-expected 275,000 jobs in February. That's 200,000 more jobs than expected.
The unemployment rate rose to 3.9% in February, following a three-month high of 3.7%. Meanwhile, wage growth slowed to 0.1% on a monthly basis.
An analyst said: “The market has been bullish recently and is facing profit-taking pressure.
Among the 11 stocks in the S&P 500 index, technology stocks fell 1.8% and consumer staples fell 0.8%.
Real estate stocks rose the most by 1.1%, followed by the energy sector, which gained 0.4%.
Meanwhile, shares of apparel retailer Gap rose 8.2% against the market after revealing better-than-expected results for the 4th quarter of 2023.
Investors will keep an eye on the release of key US economic data for February such as the Consumer Price Index (CPI) and retail sales next week. Look for signs indicating a trend toward interest rate cuts
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