NEW YORK (AP) — Stocks slumped on Wall Street Friday as big technology companies lost ground and a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year.
The S&P 500 fell 1.6% and is headed for its first losing week in the last 10 and its biggest one-day drop since March. The Dow Jones Industrial Average fell 373 points, or 0.7%, as of 12:11 p.m. Eastern. The Nasdaq composite slumped 2.6%.
Tech stocks dragged the broader market lower as companies that had powered the S&P 500 to a series of records the past two months saw losses. Nvidia fell 4.6% and Broadcom fell 5.9%. Stocks within the S&P 500 were close to evenly split between gainers and losers. But, many of the bigger tech stocks have pricey values that tend to have an outsized influence on the broader market.
