Wall Street saw a turbulent session on Friday as investors digested the latest jobs report and assessed ongoing uncertainty stemming from President Trump’s trade policy.
Market Performance
The Dow Jones Industrial Average (^DJI) recovered earlier losses to hover near the flatline. The S&P 500 (^GSPC) fell 0.3%, putting the broad-based index on track for its worst week of the year. Meanwhile, the Nasdaq Composite (^IXIC) pared earlier losses but still dropped 0.4% after closing in correction territory on Thursday.
February Jobs Report
The latest US nonfarm payrolls report showed that 151,000 jobs were added last month, slightly below economists’ expectations of 160,000. The unemployment rate ticked up from 4.0% to 4.1%.
The stakes for February’s job report were high, as stocks struggled amid fears of weakening economic growth. Downbeat economic data has increased investor bets on interest rate cuts this year.
Federal Reserve’s Outlook
Federal Reserve Chair Jerome Powell reiterated on Friday that the central bank is not in a hurry to cut interest rates, as policy uncertainty continues to weigh on markets and cloud the economic outlook. His comments were among the last from Fed officials before their March 18-19 policy meeting.
Trade-War Uncertainty
Markets remained on edge over trade tensions. Trump announced a pause on tariffs for most imports from Mexico and Canada. In response, Canada delayed the second wave of its retaliatory duties, while Mexico has yet to react.
Broadcom’s Earnings and AI Optimism
On the earnings front, shares of Broadcom (AVGO) moved higher in early trading after the US chipmaker issued a strong second-quarter forecast. The outlook was seen as a positive sign for AI-driven demand.
