S&P 500 plummets 1% on Friday, on track for worst week in a year: Live updates from CNBC

The S&P 500 fell 1% on Friday, heading for its worst week in a year as tech stocks continued to sell off and a weak jobs report added to investor concerns. The index was down 1.2% for the week, marking its biggest weekly decline since October 2020.

Tech stocks were hit particularly hard on Friday, with major players like Apple, Microsoft, and Amazon all seeing significant losses. The tech-heavy Nasdaq Composite also fell 1.5% on the day.

Investors were also reacting to a disappointing jobs report, which showed that the U.S. economy added just 199,000 jobs in December, well below expectations. The report raised concerns about the strength of the economic recovery and the potential impact of rising inflation.

Despite the market’s recent struggles, some analysts remain optimistic about the long-term outlook. “While we are seeing some short-term volatility, the fundamentals of the market remain strong,” said one market strategist. “We expect to see a rebound in the coming weeks as investors focus on earnings and economic data.”

Stay tuned for live updates as the market continues to react to the latest news and developments.