Did investors get too much of what they wanted on Friday? Lately, any sign of a cooling economy has been interpreted as “good news” by investors in the bond market and the stock market.

A slowing economy backs investors’ hope that the Federal Reserve will cut interest rates, which would support higher prices and possibly a broad portion of the stock market, since companies’ borrowing costs would decline. But Friday was different.

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The U.S. Bureau of Labor Statistics reported that the unemployment rate had risen to 4.3% in July from 4.1% in June. The July level was the highest U.S. unemployment rate since October 2021. The July number was driven by an increase in the labor supply, but investors in the stock market were unhappy.

Another dismal economic report: Factory orders sink in July. Weak airplane contracts to blame.

The S&P 500 SPX declined 1.8% for the trading session, while the Nasdaq Composite Index COMP fell 2.4% and the Dow Jones Industrial Average DJIA was down 611 points, or 1.5%. All price changes in this article exclude dividends.

Demand for bonds was strong, with buying activity driving the yield on 10-year U.S. Treasury notes BX:TMUBMUSD10Y down to 3.80% from 3.98% on Thursday and from 4.20% a week earlier.

Friday’s worst performers among the S&P 500

Among the S&P 500, 74% of stocks declined on Friday. Here are the 10 that fell the most for the trading session:

Intel Corp. INTC was the worst performer in the S&P 500 Friday. The stock plunged 26% after the company announced massive layoffs and a suspension of its dividend late Thursday.

Read: Intel borders on ‘existential’ crisis as stock could see worst fall in 50 years

More: Investors dump Intel’s bonds as spreads blow out after restructuring news

Here’s how the largest stocks among the S&P 500 fared on Friday

Here are the largest 10 stocks in the S&P 500, based on their market capitalizations at Thursday’s close, as calculated by FactSet. They make up a combined 35% of the portfolio of the SPDR S&P 500 ETF Trust SPY, which tracks the U.S. large-cap benchmark. All but Apple Inc. AAPL were down for the day.

Click on the tickers for more about each index, fund or company.

Click here for Tomi Kilgore’s guide to the wealth of information available for free on the MarketWatch quote page.

Among the 10 largest components of the S&P 500, Amazon AMZN fell the most on Friday, after the company reported revenue below analysts’ expectations.

Amazon coverage:

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