U.S. equity markets plummeted Friday as a selloff in Big Tech shares overpowered indications of an improving labor market.

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The Dow Jones Industrial Average fell 484 points, or 1.72%, while the S&P 500 and the Nasdaq Composite were lower by 2.5% and 4.2%, respectively. The major averages lost between 2.78% and 4.96% on Thursday, suffering their steepest single-day declines since June.

TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES27945.4-347.33-1.23%SP500S&P 5003397.24-57.82-1.67%I:COMPNASDAQ COMPOSITE INDEX11155.438574-302.66-2.64%

Looking at the economy, U.S. nonfarm payrolls added 1.371 million workers in August, pushing the unemployment rate down to 8.4% from 10.2%, according to the Labor Department. Wall Street economists surveyed by Refinitiv were expecting the addition of 1.4 million and an unemployment rate of 9.8%.

In Silicon Valley, Apple Inc., Alphabet Inc., Amazon Inc. and Microsoft Corp, — the four companies with a market value of greater than $1 trillion – remained under pressure after Thursday’s bruising selloff.

TickerSecurityLastChangeChange %AAPLAPPLE INC.117.78-3.10-2.56%GOOGALPHABET INC.1,569.75-72.09-4.39%AMZNAMAZON.COM INC.3,231.47-136.53-4.05%MSFTMICROSOFT CORP.210.79-6.51-3.00%

Meanwhile, Tesla Inc. shares sank into bear-market territory, down at least 20% from their peak on Aug. 31., the first day of trading at the split-adjusted price. To exit, the stock must climb higher than $398.66.

Elsewhere, Malaysia dropped criminal charges against Goldman Sachs Group after the firm last month agreed to a $3.9 billion settlement amid allegations it aided in the theft of billions of dollars from the government’s 1MDB investment fund.

TickerSecurityLastChangeChange %TSLATESLA INC.404.15-2.85-0.70%GSGOLDMAN SACHS GROUP INC.207.30-0.23-0.11%

Looking at earnings, Docusign Inc. reported profit and revenue that exceeded Wall Street estimates and gave full-year guidance that outpaced expectations.

Gunmaker Smith & Wesson Brands Inc. reported revenue in the three months through June surged 125% to a record $277.97 million.

TickerSecurityLastChangeChange %DOCUDOCUSIGN212.65-29.36-12.13%SWBISMITH & WESSON BRANDS17.56-1.26-6.70%

In commodities, West Texas Intermediate crude oil slipped $1.07 to $40.30 per barrel and gold dropped $4.20 to $1,933.60 an ounce.

U.S. Treasurys were lower, pushing the yield on the 10-year note up 4.4 basis points to 0.666%.


In Europe, Germany’s DAX fell 1.8%, while France’s CAC and Britain’s FTSE slid 0.88% and 1.2%, respectively.

Asian markets finished lower across the board with Hong Kong’s Hang Seng sliding 1.25%, Japan’s Nikkei declining 1.11% and China’s Shanghai Composite dropping 0.88%.

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