Market Retreat: Chip Stocks Drag Down S&P 500 and Nasdaq

On Friday, U.S. markets experienced a downturn, largely driven by a decline in chipmaker stocks following a recent surge. The latest jobs report exceeded expectations, stoking concerns that the Federal Reserve may raise interest rates sooner than anticipated. As a result, investors redirected their capital into different sectors.

Additionally, Lululemon Athletica's decision to lower its profit forecast added to the negative sentiment across the market. In contrast, Cooper Companies delivered a strong earnings report, showcasing resilience amid the broader market challenges.