Stocks drop as jobs report suggests more rate hikes
STORY: Wall Street fell sharply on Friday, pushing the S&P 500 to a fourth straight weekly decline despite a two-day rally earlier in the week.
The Dow fell more than 2%. The S&P 500 dropped 2.8%, while the Nasdaq lost 3.8%.
A solid September jobs report from the Labor Department suggested the Federal Reserve will stay the course with its aggressive interest rate hiking campaign, which Pacer ETFs president Sean O'Hara said would put further downward pressure on the stock market.
"I mean, I think that today's jobs report has sort of dashed everybody's hopes, if you will, in the short run. Right? I mean, so I think that's one of the key things to watch is if we start to see, you know, unemployment rise, you know, then I think that's you know, that's the other side of the Fed mandate, right, is control prices and inflation and then work towards full employment. So if it looks like what they're doing to fight one is having a negative or deleterious effect on the other than that could really be the, you know, the driver to make them sort of slow down a little."
Semiconductor stocks were among the biggest percentage losers on Friday, after a warning from Advanced Micro Devices, which said its third-quarter revenue estimates were about $1 billion lower than previously forecast.
AMD's peers Qualcomm, Intel and Nvidia all fell with it, losing more than 3%, 5% and 8%, respectively.
And shares of FedEx slid after an internal memo seen by Reuters showed the division that handles most e-commerce deliveries expects to lower volume forecasts as its customers plan to ship fewer holiday packages.
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