After the release of the US jobs report, technology stocks fell amid Wall Street sell-offs

Investors withdrew from U.S. stocks on Friday and dumped the stocks of large technology companies, leading to a sharp decline in the Nasdaq Composite Index, which is dominated by technology stocks.

The Nasdaq Index fell 2.4% in the early afternoon in New York, the biggest drop in more than two months, as the US employment report was seen as a mixed blessing and was seen as paving the way for a more hawkish monetary policy, which would lead to financial conditions. Tighten and suppress corporate valuations.

Etsy, Adobe and Tesla were all the biggest losers of the day, falling more than 5%. Facebook fell more than 2%, from its recent high in early September to more than 20%. The blue chip S&P 500 Index fell about 1.2%.

The sharp drop marked the end of two weeks of trading characterized by large price fluctuations across asset classes.

“I believe investors now expect monetary policy to become more hawkish, which has historically put downward pressure on technology stocks,” said Christina Hooper, chief global market strategist at Invesco.

The move was made in a report by the Bureau of Labor Statistics showing that the U.S. economy Only 210,000 new jobs added Last month, it was below the 550,000 predicted by economists in the Refinitiv poll.

Although the economy added fewer jobs last month than expected, the unemployment rate still fell to the lowest level since the pandemic began. “This is not a weak employment report,” Hooper said.

For investors, these data have opened the door for accelerating the pace of policy tightening.Federal Reserve Chairman Jay Powell on Tuesday He expressed support In order to reduce the central bank’s monthly bond purchase plan of 120 billion U.S. dollars more quickly. Since the worst of the coronavirus crisis last year, the plan has been an important pillar of stock price increases.

Fund managers hope to book profits before the end of the year and avoid being affected by changes in sentiment, which has exacerbated the volatility of the entire market.

AlphaTrAI Chief Investment Officer Max Gokhman said: “The prospect of the Federal Reserve turning from a friend to an enemy so quickly makes some traders think it’s best to cash in and consider future interest rate paths over the weekend.”

The 10-year U.S. Treasury bond yield fell 0.07 percentage points to 1.37% during the afternoon trading session in New York. The bond yield is inversely proportional to its price.

Investors have been weighing the more hawkish Federal Reserve and new signs of slowing global economic growth, as well as the possibility that the Omicron coronavirus variant may disrupt economic recovery.

Germany has taken action to impose social restrictions on those who have not been vaccinated, and US President Joe Biden has announced measures to slow the spread of the coronavirus, including stricter testing requirements for international travelers.

The Stoxx Europe 600 Index fell 0.6%, after falling 1.2% in the previous trading day. The London FTSE 100 Index fell 0.1%.

In Asia, Hong Kong’s Hang Seng Index closed down about 0.1%.

After the ride-hailing app Didi announced plans to delist from the New York Stock Exchange and prepare to list in Hong Kong, the stocks of Chinese companies listed in New York also faced heavy pressure on Friday.

Didi’s share price fell 17% during the US session. JD.com, Baidu and Pinduoduo all fell about 8%, as did Alibaba.

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