Quick overview

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Weak labor data and policy uncertainty shook investors, causing the U.S. stock market to plummet on Friday, wiping out over $1 trillion in value in a single day

The Dow Jones Industrial Average fell 542 points, or 1.23 percent, to close at 43,588, marking the lowest one-day drop since June 13.

This decline was reflected across all three major indices. At its steepest day since April 21, the Nasdaq Composite dropped 2 points, or 24 percent, to close at 20,650, while the benchmark S&P 500 fell 1.60 percent to close at 6,238.

The S&P 500 experienced its worst weekly performance since May 23, declining by 0.4 percent and erasing momentum from several recent highs.

The sell-off was centered on consumer brands and Big Tech. Amazon experienced one of its worst performances of the year, plunging 8.27 percent. Microsoft lost 1.76 percent, Apple dropped 2.50 percent, and Meta fell 3.03 percent. Alphabet, Google’s parent company, saw a 1.51 percent decline.

Chipmakers also felt the pressure with Nvidia down 2.33 percent, AMD down 2.62 percent, and Intel down 2.48 percent.

However, Qualcomm managed to eke out a small gain. Financial stocks also suffered, with Wells Fargo dropping 3.54 percent, Bank of America falling 3.41 percent, and JPMorgan Chase down 2.32 percent.

Interestingly, while many safe havens weren’t prominent during Friday’s sell-off, some defensive consumer and healthcare stocks held their ground. Eli Lilly’s stock climbed 3 points amid continued investor interest in its obesity medication pipeline. Amgen and AbbVie reported gains of 0.3% points, respectively, while Johnson & Johnson gained 157 percent.