Another rout hit Wall Street Friday, with formerly high-flying technology stocks again taking the brunt, after a highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy.

The S&P 500 dropped 1.7% to close out its worst week since March 2023. Broadcom, Nvidia and other tech companies drove the market lower amid ongoing concerns that their prices soared too high in the boom around artificial intelligence, and they dragged the Nasdaq composite down by a market-leading 2.6%.

The Dow Jones industrial average dropped 410 points, or 1%, after erasing a morning gain of 250 points.

Sharp swings also hit the bond market, where Treasury yields tumbled, recovered and then fell again after the jobs report showed U.S. employers hired fewer workers in August than economists expected.

Still, the jobs report did include some encouraging data points. For one, the unemployment rate improved to 4.2% from 4.3% a month earlier.

The two-year Treasury yield initially fell as low as 3.64% after the release of the jobs report, before quickly climbing back above 3.76%. It then dropped back to 3.66%, down from 3.74% late Thursday.

Despite its dismal week, the S&P 500 remains just 4.6% below its all-time high set in July. It’s also still up 13.4% for 2024 so far, which counts as a good year.

Broadcom tumbled 10.4% despite reporting profit and revenue for the latest quarter that were above analysts’ forecasts, thanks in part to AI.

Other chip companies also fell Friday, including a 4.1% drop for Nvidia. Nvidia’s stock is one of the most influential on Wall Street, and it fell 13.9% over the week.

On the winning side of Wall Street was U.S. Steel, which rose 4.3% after the CEO of rival Cleveland Cliffs told MSNBC that his company would still be interested in acquiring U.S. Steel if the White House were to block its proposed sale to Japan’s Nippon Steel.

All told, the S&P 500 fell 94.99 points to 5,408.42. The Dow dropped 410.34 to 40,345.41, and the Nasdaq composite lost 436.83 to 16,690.83.

— Associated Press