U.S. Stocks End Friday in Red

(MENAFN) US equities deepened their decline Friday, battered by a worse-than-expected jobs report and soaring oil prices driven by the intensifying Middle East conflict, as investor confidence buckled under the dual pressure.

The Dow Jones Industrial Average retreated 0.95 percent to close at 47,501.55, while the S&P 500 dropped 1.33 percent to 6,740.02. The Nasdaq Composite Index slid 1.59 percent, finishing at 22,387.68.

Nine of the S&P 500’s 11 primary sectors closed in negative territory. Consumer discretionary and materials stocks bore the heaviest losses, tumbling 1.96 percent and 1.89 percent respectively. Consumer staples and energy bucked the trend, eking out marginal gains of 0.29 percent and 0.13 percent.

The February non-farm payrolls report delivered a sharp blow to market sentiment, showing an unexpected contraction of 92,000 jobs — a dramatic reversal from the 55,000-job gain analysts had forecast. The national unemployment rate climbed in tandem, rising to 4.4 percent.

Despite the alarming labor market data, analysts cautioned that the Federal Reserve is unlikely to move toward interest rate cuts this month, as the ongoing energy price shock carries significant inflation risk. San Francisco Federal Reserve President Mary Daly, speaking in a media interview, acknowledged the report warranted serious attention, conceding that the labor market may be in a softer position than previously assessed.

Compounding the pressure, global crude prices breached the 90-dollar-per-barrel threshold on Friday. Traffic through the strategically vital Strait of Hormuz has slowed to near-paralysis, stoking fears that Gulf exporters could soon be compelled to curtail production as storage capacity approaches its limits.

The broad market selloff swept through major technology names, with the so-called “Magnificent Seven” closing predominantly in the red. Against the tide, Marvell Technology surged 18.35 percent to lead the Nasdaq’s gainers, while apparel retailer Gap plummeted 14.41 percent.

Financial sector stocks also came under significant strain. BlackRock tumbled 7.17 percent in its worst single-session performance since April 4, after the asset management giant took the extraordinary step of capping client withdrawals from one of its private credit funds — a move that rattled markets and stoked concerns over deepening stress within the broader credit landscape.

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