U.S. equity markets plummeted Friday as a selloff in Big Tech shares overpowered indications of an improving labor market.

The Dow Jones Industrial Average fell 484 points, or 1.72%, while the S&P 500 and the Nasdaq Composite were lower by 2.5% and 4.2%, respectively. The major averages lost between 2.78% and 4.96% on Thursday, suffering their steepest single-day declines since June.

Looking at the economy, U.S. nonfarm payrolls added 1.371 million workers in August, pushing the unemployment rate down to 8.4% from 10.2%, according to the Labor Department. Wall Street economists surveyed by Refinitiv were expecting the addition of 1.4 million and an unemployment rate of 9.8%.

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In Silicon Valley, Apple Inc., Alphabet Inc., Amazon Inc. and Microsoft Corp, -- the four companies with a market value of greater than $1 trillion -- remained under pressure after Thursday’s bruising selloff.

Meanwhile, Tesla Inc. shares sank into bear-market territory, down at least 20% from their peak on Aug. 31., the first day of trading at the split-adjusted price. To exit, the stock must climb higher than $398.66.

Elsewhere, Malaysia dropped criminal charges against Goldman Sachs Group after the firm last month agreed to a $3.9 billion settlement amid allegations it aided in the theft of billions of dollars from the government’s 1MDB investment fund. Read more at FOX Business