Wall Street indices declined on Friday as U.S. job growth in February 2019 added only 20,000 positions, far below the 180,000 forecast, while the unemployment rate dropped below 4% and wage growth reached its strongest level since 2009.
Analysts highlighted mixed signals in the data, with some noting the U.S. economy appeared to be moderating rather than slowing. Mike Loewengart, ETrade Financial’s vice-president of investment strategy, stated, "The jobs report doesn’t indicate a U.S. slowdown, but global growth is clearly decelerating."
Global concerns intensified after China’s February exports fell by the most in three years, raising fears of a "trade recession." The European Central Bank also cut its growth forecasts and announced new stimulus measures, exacerbating market anxieties.
The S&P 500 and Nasdaq fell 0.62% and 0.49% respectively, with tech stocks leading losses. Energy shares tumbled 2.43% as oil prices dropped 3%, following Norway’s sovereign wealth fund decision to exclude fossil fuel companies from its investments.
Despite the downturn, some sectors showed resilience. Costco Wholesale Corp surged 5.1% after exceeding earnings expectations, while major banks like JPMorgan and Bank of America saw limited losses.
