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Dow loses 300 points, S&P 500 heads for worst week since Silicon Valley Bank collapse

Losses in U.S. stocks accelerated on Friday, with both the S&P 500 and Dow Jones Industrial Average on track for their worst weekly losses since the collapse of Silicon Valley Bank.

The sell-off showed that investors' initially optimistic interpretation of the August employment report had already turned. While they initially expressed relief that the headline numbers were no worse, that is now being overshadowed by concerns about downward revisions to data from the previous two months, said Josh Chastant, portfolio manager at Guidestone Capital Management, in an interview with MarketWatch.

“It is to be expected that we may see a further revision to the August numbers in the next report,” Chastant said.

While technology and semiconductor stocks drove the market lower, the sell-off was broad-based, with all 11 S&P 500 sectors posting losses on Friday, according to FactSet data.

Here are the recent stock prices:

The S&P 500 lost 61 points, or 1.1%, to close at 5,441.

The Nasdaq Composite lost 322 points, or 1.9%, to 16,794.

The Dow lost 194 points, or 0.5%, to close at 40,546.

The S&P 500 lost 3.6% this week, on track for its worst weekly decline since March 10, 2023, when it fell 4.6%, according to Dow Jones Market Data. The Dow lost 2.4%, on track for its worst decline since March 10, when it fell 4.4%, the day SVB was shut down by government regulators as depositors sought to withdraw their money.

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