Stocks fell once again on Friday as a selloff in tech, the best-performing market sector in 2020, continued for a second day.
The Dow Jones Industrials collapsed 598.15 points, or 2.1%, to break for lunch Friday at 27,694.58.
The S&P 500 fell 76.1 points, or 2.2%, to 3,378.90.
The NASDAQ Composite tumbled 344.13 points, or 3%, to 11,133.97. Over the past two days, the NASDAQ has fallen by about 10%.
Apple shares dropped 8% and Facebook slid 6.6%. Amazon skidded 7.4%, and Netflix slid 7%. Alphabet and Microsoft were both down 5%.
Both Tesla and Apple rallied recently after announcing stock splits.
To be sure, more beaten-down parts of the market rebounded Thursday and added to those gains Friday. Cruise operator Carnival advanced 2.6% on Friday. United Airlines rose about 1%.
On the economic beat, the U.S. Labor Department said the unemployment rate fell to 8.4% last month from 10.2% in July.
Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall jobs creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million.
Bank stocks rose following the data release as Treasury yields climbed. Citigroup, Bank of America and JPMorgan Chase were all up at least 1.4%. Wells Fargo climbed 1%
Prices for the 10-Year Treasury slid, raising yields to 0.68% from Thursday’s 0.64%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.31 to $40.06 U.S. a barrel.
Gold prices skidded $7.40 to $1,930.40 U.S. an ounce.