FILE - People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Wall Street’s best week of the year is getting even better Friday, Nov. 3, 2023, following a cooler-than-expected report on the job market. (AP Photo/Julia Nikhinson)
NEW YORK (AP) — Wall Street pulled back from its record Friday after a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween.
The S&P 500 fell 0.7% from its all-time high set a day before. It initially climbed after mixed data on the U.S. job market bolstered hopes that easier interest rates will arrive later this year. Later, it swung to a loss after one of its most influential stocks, Nvidia, took a rare stumble following a jaw-dropping surge that critics called overdone.
Friday’s dip also sent the S&P 500 to a rare losing week, just its third in the last 19.
The weakness for Nvidia and other technology stocks dragged the Nasdaq composite to a market-leading loss of 1.2%. The Dow Jones Industrial Average, which has less of an emphasis on tech, held up better. It slipped 68 points, or 0.2%.
In the bond market, Treasury yields eased following the mixed data on the U.S. job market, which economists described as “all over the place.” The jobs report showed employers hired more workers last month than expected, but wages for workers rose by less than forecast. It also said job growth in January was not nearly as hot as earlier thought.
The job market and overall economy are in a delicate spot, where Wall Street wants them to continue growing, but not so much that they raise pressure on inflation.
© OfficialAffairs
