This morning’s woeful jobs report has spawned a market decline the likes of which we haven’t seen since 2011.
All major U.S. financial markets were off at least 2% today on the double whammy of much-slower-than-expected jobs growth and an escalating unemployment rate. The Nasdaq Composite took the biggest hit, plummeting 2.8% to reach its lowest level since January. The S&P 500 slumped 2.5%, while the Dow dropped 2.2% – falling close to 300 points.
The epic market decline to close out the week had a more profound effect on some stocks than others. Here are five noteworthy stocks that took a big step backward on a very gloomy Friday:
- Wells Fargo (NYSE:WFC): Not surprisingly, financials are taking it on the chin in the wake of disappointing economic data. None have fallen faster than Wells Fargo. The big bank stock was down 6%, dropping below $30 a share for the first time since early February.
- Facebook (Nasdaq: FB): Surprise, surprise – the social network’s much-maligned stock is down yet again. Facebook shares tanked yet again today, falling another 6% to dip back below $28 after closing Thursday back up near $30 a share. Facebook’s stock has now fallen more than 26% since its May 18 IPO.
- American International Group (NYSE: AIG): The property and casualty insurance giant fell 6.75% today to settle at its lowest level since mid-February.
- Hewlett-Packard (NYSE: HPQ): The computer systems company took a 6.3% hit today as analysts at Jefferies & Co. slashed the tech stock’s rating from buy to hold. Concerns over European’s economic woes and the rise of electronic tablets cutting into H-P’s personal computer and printer businesses prompted the agency’s rating reduction.
- Texas Instruments (Nasdaq: TXN): This may have been a matter of guilt by association for Texas Instruments. Shares of the semiconductor makers fell 5.2% today along with most other tech stocks. Like personal computer companies, shares of chipmakers fell today on concerns about consumer and business spending in both the U.S. and Europe. Again, the drop-off can be directly traced to Friday’s weak economic data.