Strong Jobs Data Fails to Prevent 4.2% Nasdaq Crash
Despite a better-than-expected U.S. employment report showing 172,000 jobs added, the Nasdaq tumbled 4.2% on Friday.
NDX
The monthly employment report released Friday morning surprised to the upside, with the U.S. economy adding 172,000 jobs—beating consensus forecasts. However, the positive labor market news was not enough to stem a sharp selloff in equities.
Major technology stocks led the decline, dragging the Nasdaq down by 4.2%. The move suggests that investors interpreted the strong jobs data as reducing the likelihood of near-term monetary easing, weighing on growth-sensitive sectors.
Source: FXStreet Forex News