04:38 PM EST, 03/08/2024 (MT Newswires) -- US benchmark equity indexes fell Friday as official data showed the economy added more jobs than expected last month.

The Nasdaq Composite dropped 1.2% to 16,085.1, while the S&P 500 fell 0.7% to 5,123.7, following a record-high close Thursday. The Dow Jones Industrial Average retreated 0.2% to 38,722.7. Technology saw the steepest decline among sectors, while real estate paced the gainers.

For the week, the Dow and the S&P 500 slipped 0.9% and 0.3%, respectively, while the Nasdaq lost 1.2%.

In economic news, total nonfarm payrolls in the US rose by 275,000 in February, the Bureau of Labor Statistics reported. The consensus was for a 200,000 gain, according to a survey compiled by Bloomberg. Gains for January were revised down by 124,000 to 229,000.

The unemployment rate came in at 3.9%, compared with the market view of 3.7%, which was the rate in January.

"The fact that the labor market is showing little sign of deteriorating supports the case that (Federal Reserve) officials can be patient and continue to monitor the inflation data over the coming months," TD Economics said in a note. "We suspect that by July, policymakers will have gained enough conviction that inflation is on a sustainable path back to 2% to warrant some easing in the policy rate."

Separately, Desjardins said in a note that the Federal Open Market Committee may be able to start lowering interest rates in late spring if wage growth and inflation continue to slow in the coming months.

The FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023 to tame inflation. It has held interest rates steady since then.

The US two-year yield fell 3.2 basis points to 4.48% Friday, while the 10-year rate lost 1.3 basis points to 4.08%.

West Texas Intermediate crude oil slipped 1.3% to $77.86 per barrel.

In company news, Costco Wholesale ( COST ) shares slumped 7.6%, the steepest decline on the S&P 500 and the second-worst on the Nasdaq. The warehouse chain's revenue for the fiscal second quarter fell short of market estimates late Thursday.

Marvell Technology ( MRVL ) shares tumbled 11.4% Friday, the biggest drop on the Nasdaq, as the company issued a downbeat fiscal first-quarter outlook.

3M ( MMM ) said its board approved the planned spin-off of its health care business, to be known as Solventum. The industrial conglomerate's shares rose 1.4%, the top gainer on the Dow.

Gold advanced 0.9% to $2,184.9 per troy ounce, while silver fell 0.3% to $24.51 per ounce.