The major averages reversed course and fell into the red to close the week after a weaker-than-expected U.S. jobs report gave way to worries about a slowing U.S. economy. The Dow Jones Industrial Average fell 220 points, or 0.48%, to 45,400. The S&P 500 fell 20 points or 0.32%. The Nasdaq fell just 7 points.

All three leading indexes had reached fresh record intraday highs earlier in the session. At their peaks, the broad market index, the tech-heavy Nasdaq and the blue-chip Dow were up about 0.5%, 0.8% and 0.3%, respectively.

Even with the down Friday, the Nasdaq still finished higher on the week, rising 0.33% and 1.14%, respectively. The Dow, however, saw losses on the week, finishing down 0.32%.

The weakness started mix morning with the financial reversing course. JP Morgan and Wells Fargo both fell 3%. A number of big cap techs also struggled with Nvidia and Microsoft  down over 2%. The diamond, ironically, was chipmaker, Broadcom up 9% as demand for AI chips surged with a new customer and a $10 billion new deal.

Interest rates took a dive today with the benchmark 10-year Treasury yield declining more than 8 basis points to 4.09%, its lowest level since April 7. The 2-year Treasury yield was lower by more than 6 basis points at 3.526% and had reached a five-month low. The 30-year Treasury yield fell more than 10 basis points to 4.769%. U.S. employment data for August only showed 22,000 new jobs being added. Economists polled by Dow Jones expected an increase of 75,000. The unemployment rate ticked up to 4.3%, as expected.

Weakness was also witnessed in the energy patch with the price of oil dropping 2%. The energy sector was down nearly 2% for the day. Gold and bitcoin were higher on the day and week.

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