The U.S. stock market extended its losing streak to five days as February's unexpectedly low job creation numbers intensified fears about global economic slowdowns. The 20,000 new jobs added in February contrasted sharply with the 180,000 forecast, overshadowing a sub-4% unemployment rate and the strongest wage growth since 2009.
Investor sentiment turned negative after the Labor Department's report, with Tom Plumb of Plumb Funds noting the surprise employment figures had triggered broad market selling. 'The Federal Reserve is likely to pause rate hikes given early signs of economic cooling,' he said, reflecting growing speculation about monetary policy adjustments.
The Dow Jones Transports index fell 1.6%—its worst decline in 11 sessions—while China's 3-year low in February exports fueled concerns about a potential 'trade recession.' European Central Bank officials also revised downward growth projections, prompting fresh stimulus measures.
Technology stocks faced additional pressure after Senator Elizabeth Warren's campaign rhetoric targeting major tech firms. The S&P 500's tech sector dropped 0.88%, with major companies like Amazon and Apple declining between 0.7% and 2.5%.
Oil prices slid 2% as Norway's sovereign wealth fund announced it would divest from fossil fuel companies, dragging down energy stocks. ExxonMobil and Chevron both fell over 1% amid the broader market downturn.
Despite the declines, Costco Wholesale posted a 4.56% surge after exceeding earnings expectations. The S&P 500 and Nasdaq closed at their lowest levels since February 14, marking their worst weekly performance in over two months.
