• US stocks fell on Friday due to a sell-off in the technology sector.

• The Nasdaq plunged after hitting a record high, dragged down by a sharp decline in Nvidia.

• The labor market report presented a mixed picture. While the trends boded well for interest rate cuts, they also pointed to an economic slowdown.

US stocks plunged on Friday, dragged down by a sell-off in the technology sector.

The Nasdaq closed down more than 1% after hitting an all-time high earlier in the day. The main reason for the decline was Nvidia, which fell 5.5%.

Stocks weakened after new labor market data arrived on Friday that was better than expected but showed signs of a slowdown in the economy. The U.S. added 275,000 jobs in February, beating estimates of 200,000. At the same time, downwardly revised figures from previous months pushed the unemployment rate to 3.9%, the highest in two years. Meanwhile, wage growth slowed during the month.

These factors argue in favor of a rate cut, but they also represent an admission that the economy is finally weakening after a period of astonishing strength throughout the past year.

All eyes will be on the Consumer Price Index report scheduled for next Tuesday. Inflation was 3.1% in January, higher than expected.

Here you can see the US indices at the close of trading on Friday at 4:00 p.m.:

Here’s what else is going on:

For commodities, bonds and cryptocurrencies:

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