Why FAANG Stocks Made Big Moves Friday
The stock market was broadly lower early Friday afternoon, with investors generally expressing concern at the possibility that the Federal Reserve could remain more restrictive in its monetary policy for a longer period of time. The January employment report released earlier in the day showed a stronger labor market than most had anticipated, suggesting that the interest rate hikes that the Fed has already made haven't yet shown up in terms of slowing job creation. The Nasdaq Composite (NASDAQINDEX: ^IXIC) lagged the rest of the market, with declines of more than 1% as of 1:15 p.m. ET.