Wall Street closed out the week on a sour note Friday, with all three major indexes finishing in the red as a softer-than-expected April jobs report rekindled concerns about economic momentum. Nonfarm payrolls came in at 158,000 — well below the 210,000 consensus estimate — sending Treasury yields lower but also stoking fears that demand is cooling faster than the Fed anticipated. The S&P 500 shed 0.7% to close at 5,310, while the tech-heavy Nasdaq fell 1.1% to 16,480.
Technology stocks bore the brunt of the selling pressure. Meta declined 4.1% after the company cautioned investors that its aggressive AI buildout would weigh on near-term margins. The warning rippled through the broader mega-cap tech space, with names like Alphabet and Microsoft also finishing lower. The VIX edged up to 22.4, reflecting a market that remains on edge heading into a busy week of Fed commentary.
Not everything was bleak. Energy was a bright spot, with Chevron rallying 2.6% after posting strong first-quarter earnings that beat on both revenue and earnings per share. Robust refining margins and disciplined capital spending gave investors confidence in the sector's near-term outlook. Oil itself held firm at $78.30 a barrel despite the demand-uncertainty backdrop.
Gold climbed to $2,341 an ounce as the weak jobs print stoked safe-haven demand and raised fresh speculation that the Federal Reserve could pivot to rate cuts sooner than previously priced. For the week overall, the S&P 500 posted a modest decline of about 1.2%, capping a turbulent April shaped by tariff headlines, mixed earnings, and shifting rate expectations.