Stocks weakened in the final hour of Friday’s session as the major indexes posted losses for the day due to the pressure from a hotter-than-expected February jobs report. Artificial intelligence leader Nvidia (NVDA) also retreated from an all-time high.
The Labor Department reported that February nonfarm payrolls increased by 275,000, exceeding expectations and surpassing the previous month’s numbers. The unemployment rate rose to 3.9%, which could impact interest rate reductions in the future. As a result, the Nasdaq, Dow Jones Industrial Average, and S&P 500 all pulled back from their highs. The Invesco QQQ Trust (QQQ) and Innovator IBD 50 ETF (FFTY) also saw declines.
Gold stocks and ETFs rallied as the price of gold hit new highs, while bitcoin’s price remained strong. Companies like MicroStrategy, Coinbase, and Marathon Digital all saw gains in their stock prices.
Super Micro Computer and Nvidia saw declines after reaching record highs, while Carvana, Apple, and Samsara experienced positive movements. On the other hand, companies like MongoDB, Marvell Technology, and Costco faced setbacks due to disappointing earnings reports.
The stock market saw a mix of ups and downs on Friday, with various companies experiencing both gains and losses.
