US stocks dropped for a second straight day on Friday, weighed down by another rise in Treasury yields in the wake of a solid jobs report that capped off a week of robust data.
The losses were led by heavyweight stocks in the technology and communication services sectors including all members of the so-called FAANG group – Facebook, Amazon, Apple , Netflix and Alphabet. Online retailer Amazon, part of the consumer discretionary sector, lost one per cent.
Nonfarm payrolls increased less than expected in September, likely due to the effect of Hurricane Florence, though data for July and August was revised higher, and the unemployment rate fell to 3.7 per cent, a Labor Department report showed.
“There’s no question the job market in the United States is possibly at its best in a generation – there’s no question or debate about that,” said Russell Price, senior economist at Ameriprise Financial Services Inc in Troy, Michigan.