Key Takeaways
- U.S. equities tumbled at midday Friday after a report showed employers added fewer jobs in August than economists expected.
- Broadcom shares tumbled after the chipmaker’s outlook fell short of analysts’ expectations.
- Intel and MobilEye shares dropped amid reports Intel is considering selling some of its stake in MobilEye.
U.S. equities slumped at midday Friday after the Labor Department reported fewer jobs were created in August than economists expected. The Dow lost close to 1%, while the S&P 500 slid 1.7%, and the Nasdaq dropped over 2%.
Broadcom (AVGO) was the worst-performing stock in the S&P 500 after the chipmaker gave a disappointing outlook, despite posting fiscal third-quarter sales that topped expectations.
Shares of Intel (INTC) also dropped amid reports the company is considering selling some of its stake in MobilEye Global (MBLY). MobilEye shares tumbled as well.
Super Micro Computer (SMCI) shares fell as JPMorgan downgraded the stock, pointing to uncertainty surrounding the firm’s ability to meet compliance requirements from regulators after delaying filings.
Shares of D.R. Horton (DHI) and other homebuilders rose as the jobs report boosted optimism of interest rates cuts by the Federal Reserve.
Shares of Bowlero (BOWL) climbed after the bowling alley operator posted strong results on the success of its summer season pass promotion.
Crown Castle (CCI) shares rose as the communications infrastructure company purchased tower owner Tower Development for $461 million in cash.
Oil futures and gold prices declined. The yield on the 10-year Treasury note dropped. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded in negative territory.
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