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The S&P 500 slipped 1.0% on Friday, Feb. 7, as the latest labor market data revealed that the U.S. economy added fewer jobs than expected in January.
Several Big Tech stocks were dropping sharply Friday afternoon, weighing on the S&P 500 index as it struggled to keep its weekly gain. The S&P 500 was down 0.7% Friday, as Google parent Alphabet Inc.
The semiconductor industry is on a trajectory of rapid growth, with global revenues expected to exceed $1 trillion by 2030.