Nvidia (NASDAQ: NVDA) was among the tech stocks plunging today after the Bureau of Labor Statistics reported cooler-than-expected job growth in August. Just 142,000 jobs were added last month, below expectations at 161,000, and readings from June and July were revised downward as well.

The news led investors to believe that the economy was weakening faster than expected, which could be particularly damaging for growth and tech stocks like Nvidia that are relying on billions in infrastructure spending to advance new generative artificial intelligence (AI) technologies.

As a result, tech stocks were down broadly with the Nasdaq Composite down 2.3% as of 1:19 p.m. ET, and Nvidia was off 4% at the same time after falling as much as 5.8% earlier in the session. The iShares Semiconductor ETF was down 4% as well, showing the chip sector was broadly impacted.

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Source Fool.com