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Dow falls 300 points as S&P 500 heads for worst week since collapse of Silicon Valley Bank

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Dow falls 300 points as S&P 500 heads for worst week since collapse of Silicon Valley Bank

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

The selloff showed investors’ initially sanguine interpretation of the August jobs report had already shifted. While they initially expressed relief that the headline number wasn’t worse, this has now been trumped by concerns about downward revisions to the prior two months’ data, said Josh Chastant, portfolio manager at Guidestone Capital Management, during an interview with MarketWatch.

“The expectation is maybe we’ll get another revision to the August numbers when we get the next report,” Chastant said.

While technology and semiconductor stocks were leading the market lower, selling was notable broad-based. All 11 S&P 500 sectors were lower on Friday, according to FactSet data.

Here is where stocks were trading recently:

The S&P 500 was down 61 points, or 1.1%, at 5,441.

The Nasdaq Composite was down 322 points, or 1.9%, at 16,794.

The Dow was down 194 points, or 0.5%, at 40,546.

The S&P 500 was down 3.6% this week, on track for its worst weekly drop since March 10, 2023, when it fell 4.6%, according to Dow Jones Market Data. The Dow was down 2.4%, on track for its worst drop since March 10, when it fell 4.4%. On that day, SVB was closed by state regulators as depositors rushed to pull their money.

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