Market Snapshot: U.S. stocks fall after blowout jobs report, disappointing earnings, but Nasdaq books longest weekly win streak since November 2021

by | Feb 3, 2023 | Stock Market

U.S. stocks ended lower, with losses led by the technology-heavy Nasdaq Composite, after an unexpectedly strong surge in January nonfarm payrolls and disappointing earnings from a trio of tech-related corporate heavyweights. Still, the Nasdaq rose for a fifth straight week, notching its longest weekly winning streak since the week ending Nov. 5, 2021, according to Dow Jones Market Data.

How did stocks trade?
The Dow Jones Industrial Average
fell 127.93 points, or 0.4%, to close at 33,926.01, after sliding 220 points at its session low.

The S&P 500
dropped 43.28 points, or 1%, to finish at 4,136.48.

The Nasdaq Composite
shed 193.86 points, or 1.6%, to end at 12,006.95.

For the week, the Dow slipped 0.2%, while the S&P 500 gained 1.6% and the Nasdaq rose 3.3%. What drove markets? Stocks prices were volatile on Friday as investors digested a stronger-than-expected jobs report and some disappointing technology sectors earnings. The U.S. economy added 517,000 jobs in January, far exceeding economist expectations for a rise of 187,000, while the unemployment rate fell to 3.4%, its lowest since 1969. Average hourly earnings rose 0.3%, in line with expectations. See: U.S. jobs report shows blowo …

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