Stocks slide for third straight week
NEW YORK (UPI) — U.S. markets posted their third straight weekly loss, falling Friday despite a solid August jobs report.
The Dow Jones Industrial Average finished 337.98 points or 1.1% lower at 31,318.44. The S&P 500 also fell 1.1%, and the NASDAQ Composite declined 1.3% and recorded its first six-day losing streak since 2019.
Stocks initially rallied early in the morning after the jobs report showed 315,000 hirings last month.
For the week, the Dow and S&P lost roughly 3% and 3.3%, respectively, while the Nasdaq fell 4.2%.
Tech stocks continued their decline this year, with Microsoft dropping 1.67%, Google falling 1.72% and Apple declining 1.36%.
Shares of Lululemon Athletica surged 6.7%, as the athleisure clothing leader reported strong sales and profit growth.
Hawkish comments from Federal Reserve Chairman Jerome Powell and other fed officials have led investors to fear the central bank will continue to implement sharp interest rate hikes.
“There’s still a lot of nervousness around what we’ll see over the next few months,” Callie Cox, U.S. investment analyst at eToro, told CNBC. “Yes, inflation and the job market are coming back into balance, but at what cost? Markets are still figuring that out.”
The Fed has greatly increased interest rates at its last few policy meetings to cap rising prices, which have been driven mainly by energy costs.
In a positive for risk assets, the dollar weakened Friday, while treasury yields declined slightly after rising earlier in the week. The 10-year yield stood near 3.21% in late morning trade, down from highs around 3.27% reached earlier this week.
Matt Bernardini is a freelance reporter writing for United Press International.
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