Investors digested mixed jobs data and renewed concerns over the European gas crisis, prompting them to sell equities.
Wage growth slips, while unemployment rate edges higherSept 2 - Wall Street's main indexes fell in afternoon trading on Friday as investors digested mixed jobs data, while renewed concerns over the European gas crisis prompted investors to sell equities heading into a long weekend.
"Investors are rethinking the August jobs report and are probably leaning into the fact that there's no clear end to the rate increases. Higher rates provide competition for stocks," said Rick Meckler, partner at Cherry Lane Investments.
Analysts also pointed to thin trading volumes ahead of the extended holiday weekend helping to exaggerate market moves. Nine of the 11 major S&P sectors were down. All the sectors had risen earlier after the Labor Department's report showed U.S. employers hired more workers than expected last month.
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