Traders
at
the
NYSE,
March
8,
2022.
Source:
NYSE
Stocks
retreated
on
Friday,
closing
out
a
turbulent
week
as
Nvidia‘s
incredible
run
took
a
breather.
The
S&P
500
lost
0.65%
to
5,123.69,
while
the
Nasdaq
Composite
slipped
1.16%
to
16,085.11.
Both
swung
into
negative
territory
after
rising
to
new
all-time
highs
earlier
in
the
session.
The
Dow
Jones
Industrial
Average
relinquished
68.66
points,
or
0.18%,
to
end
at
38,722.69.
All
three
major
indexes
finished
the
choppy
week
lower.
The
broad
S&P
500
pulled
back
by
0.26%
this
week,
while
the
blue-chip
Dow
and
tech-heavy
Nasdaq
fell
0.93%
and
1.17%,
respectively.
That
decline
marked
the
worst
week
for
the
30-stock
Dow
since
October.
Stocks
were
hurt
Friday
as
an
earlier
rally
in
Nvidia
lost
steam.
The
artificial
intelligence
darling
finished
down
more
than
5%
in
its
worst
session
since
late
May.
Despite
that
breather,
Nvidia
shares
still
finished
up
more
than
6%
on
the
week.
It’s
part
of
a
monster
rally
that
has
added
more
than
$1
trillion
to
the
stock’s
market
cap
in
just
the
new
year
alone.
“It
doesn’t
mean
that
the
longer-term
upside
potential
is
over,”
said
Sam
Stovall,
chief
investment
strategist
at
CFRA
Research,
of
Nvidia’s
Friday
move.
“It
just
says
that
maybe
we’ve
gotten
ahead
of
ourselves:
We’ve
gotten
to
an
overbought
situation,
and
it’s
time
to
take
some
profits.”
Nvidia,
1
day
Though
Nvidia
dragged
on
tech,
Apple
rose
1%
in
Friday
trading.
With
that
gain,
the
mega-cap
stock
snapped
its
longest
losing
streak
since
early
2022
at
seven
days.
But
shares
were
still
down
nearly
5%
on
the
week,
making
it
the
worst
performer
in
the
30-stock
Dow.
Investors
parse
labor
data
The
February
jobs
data
released
Friday
morning
offered
some
conflicting
signals
as
to
when
it
will
be
safe
for
the
Federal
Reserve
to
start
cutting
interest
rates.
On
one
hand,
the
number
of
jobs
added
last
month
was
much
more
than
expected,
coming
in
at
275,000
compared
with
an
estimate
of
198,000
from
economists
polled
by
Dow
Jones.
This
data
can
imply
the
economy
is
still
running
pretty
hot.
But
the
unemployment
rate
unexpectedly
ticked
higher
to
3.9%
and
wage
growth
was
lighter
than
feared,
offering
morsels
of
hope
that
inflation
has
cooled
enough
to
appease
the
Fed.
Data
on
January
jobs
growth
was
also
revised
lower.
“In
sum,
people
will
be
able
to
take
away
whatever
message
they
want
to
from
today’s
reports,”
said
George
Mateyo,
chief
investment
officer
at
Key
Private
Bank.
“However,
we
think
the
data
skews
positive
and
should
provide
sufficient
confidence
to
the
Fed
that
a
modest
adjustment
to
interest
rates
is
appropriate.”
