Daily Market Update
with JJ Kinahan

5 min read

Investors Sell Tech and Pandemic Stocks and Focus on Value After Bad Jobs Report

JJ Kinahan, Chief Market Strategist, TD Ameritrade

(Friday Market Close) The Nasdaq Composite (COMP:GIDS) led the markets lower on Friday, falling more than 1.92%. As you might expect with the Nasdaq leading the fall, the information technology sector was the worst performing sector. The Technology Select Sector Index ($IXT) closed 1.65% lower. The Dow Jones Industrial Average ($DJI) did much better than the Nasdaq by closing 0.17% lower. Despite the stronger day, the Dow has actually strung together four down weeks in a row by falling 2,000 points, more than 5% from its November peak.  

The VIX (Cboe Market Volatility Index) traded back to January of 2021 levels, reaching as high as the 35 mark on Friday before dropping back to the 30 level. Fear and uncertainty appear to be growing among investors who are trying to digest a worse-than-expected jobs report that came out Friday morning. The economy was expected to add 550,000 jobs in November but only added 210,000. Despite the lackluster job growth, it wasn’t bad enough for the Fed to be unlikely to back off its tapering plans.

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