## [# ETFs Tumble as Weak Jobs Report Sparks Tech Selloff](/sections/news/etfs-tumble-weak-jobs-report-sparks-tech-selloff)
# ETFs Tumble as Weak Jobs Report Sparks Tech Selloff
Growth ETFs decline after jobs report shows a slowing labor market, weakening economy
- • News
3 Updates
[  ](/authors/dj-shaw)
Fri, September 6, 2024 At 3:45 PM EDT
[DJ Shaw ](/authors/dj-shaw) | Finance Reporter | [ Follow Author ](/etf/login)
## SPY, QQQ lead declines; AI and autonomous vehicle ETFs hit hard.
[**The SPDR S&P 500 ETF Trust (SPY)**](/SPY) fell 1.7% Friday, marking the S&P 500’s worst week since March 2023.
Investors retreated from risk assets following a weak August jobs report, particularly abandoning leading technology stocks.
Major index ETFs felt the impact, with the [**SPDR Dow Jones Industrial Average ETF Trust (DIA)**](/DIA) closing 1% loser and the tech-heavy [**Invesco QQQ Trust (QQQ)**](/QQQ) dropping 2.6%, marking the Nasdaq's worst week since 2022.
The [**iShares Future AI and Tech ETF (ARTY)**](/ARTY) declined 2.4% after Super Micro Computer shares plunged 6.6%. JPMorgan downgraded the AI server producer to neutral, citing regulatory compliance uncertainties and a delayed 10-K filing.
Autonomous vehicle-focused ETFs also suffered. The [**Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (EVAV)**](/ARTY) fell 3.8% following an 8% drop in Mobileye’s stock. Reports that Intel is considering options for its stake in the autonomous driving tech company contributed to the decline.
[  ](/contributors/ron-day)
Fri, September 6, 2024 At 12:40 PM EDT
[Ron Day ](/contributors/ron-day) | Contributing Editor | [ Follow Author ](/etf/login)
## VIXY ETF jumps 11% as stocks head for weekly decline
Market volatility roared today with risky investments like chip stocks falling and safer bets including treasuries jumping, following Broadcom's weak outlook and a report showing hiring has slowed.
The [**ProShares VIX Short-Term Futures ETF (VIXY)**](/vixy), which rises with increasing S&P 500 volatility, gained 10% this afternoon. Higher-risk ETFs lost ground—the [**VanEck Semiconductor ETF (SMH)**](/smh) lost 4.5%—while the [**iShares 20+ Year Treasury Bond ETF (TLT)**](/tlt) added 0.2%.
Bond funds have been rising since the end of last week. Today the [**iShares Core U.S. Aggregate Bond ETF (AGG)**](/agg) and the [**Vanguard Total Bond Market ETF (BND)**](/bnd) both added 0.1%.
Stock market ETFs headed for weekly declines. The [**Vanguard S&P 500 ETF (VOO)**](/voo) lost 1.5% while the Nasdaq-tracking [**Invesco QQQ Trust (QQQ)**](/qqq) slid 2.7%.
Bitcoin's slumping price pushed crypto ETFs lower still. The [**iShares Bitcoin Trust (IBIT)**](/ibit) lost 3.8% and has been on a steady decline for the past two weeks. The fund has lost 21% since its January launch.
[](/ibit)
[  ](/authors/kristin-myers)
Fri, September 6, 2024 At 11:14 AM EDT
[Kristin Myers ](/authors/kristin-myers) | SVP Content/EIC | [ Follow Author ](/etf/login)
## Tech, semiconductors slip on weaker-than-expected jobs report.
Semiconductor and tech ETFs slipped Friday morning after a weaker-than-expected jobs report cut investors' appetites for riskier, high-growth trades.
SOXX, the [**iShares Semiconductor ETF**](/SOXX), slid 4.2%, dragged down by sell-offs in [Broadcom](/stock/AVGO), which fell 10%. Chipmakers [Nvidia](/stock/NVDA), [Advanced Micro Devices](/stock/AMD), and [Taiwan Semiconductor](/stock/TSMC) also slid.
SHOC, the [**Strive U.S. Semiconductor ETF**](/SHOC) lost 3.4%. Broadcom only represents 5% of the fund, so it wasn't hit as hard as SOXX.
[](/soxx)MAGS, the [**Roundhill Magnificent Seven ETF**](/MAGS), a fund for the seven biggest tech names that once were the market's biggest leaders, dropped 3%. QQQ, the tech-heavy [**Invesco QQQ Trust**](/QQQ) also fell, dipping 2.5%.
Broad markets also fell as weaker jobs numbers raised concerns about slowing economic growth. SPY, the [**SPDR S&P 500 ETF Trust**](/SPY) dropped 2.5% while DIA, the [**SPDR Dow Jones Industrial Average ETF Trust**](/DIA) declined nearly 1%.
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