11:55 AM EST, 03/07/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading on Friday, as a weaker-than-expected jobs report and ongoing tariff uncertainty rattled investors.

The February employment reported showed nonfarm payrolls rose by 151,000, below the 160,000 jobs increase expected in a survey compiled by Bloomberg as of 7:10 a.m. ET, while January payrolls saw a downward revision to a 125,000 increase and December payrolls were revised up to a 323,000 increase, for a net downward revision of 2,000 jobs. The unemployment rate rose to 4.1% in February from 4.0% in January, compared with no change expected, while the labor force participation rate declined to 62.4% from 62.6% in the previous month, and the size of the labor force contracted.

In company news, Broadcom ( AVGO ) reported fiscal Q1 non-GAAP earnings late Thursday of $1.60 per diluted share, up from $1.10 a year earlier and above the consensus estimate of analysts surveyed by FactSet calling for $1.51. Fiscal Q1 revenue was $14.92 billion, up from $11.96 billion a year earlier and above the FactSet consensus estimate of $14.62 billion. The company expects fiscal Q2 revenue of about $14.9 billion, above the FactSet consensus estimate of $14.71 billion. Broadcom ( AVGO ) shares were up 3.0% around midday.

Nasdaq's (NDAQ) Nasdaq 100 Index fell 0.7% Friday and is now down over 10% from its February record -- the threshold representing a technical correction, Bloomberg reported. Separately, Nasdaq has been engaging with regulators, market participants and other stakeholders about enabling 24-hour trading five days per week on the Nasdaq Stock Market, President Tal Cohen said Friday in a post on LinkedIn. Nasdaq shares were down 3.2%.

Walgreens Boots Alliance ( WBA ) said it reached a definitive agreement late Thursday to be acquired by an entity affiliated with Sycamore Partners for up to $23.7 billion. Walgreens shares were up 7%.

Costco Wholesale ( COST ) reported fiscal Q2 net income late Thursday of $4.02 per diluted share, up from $3.92 a year earlier but below the FactSet consensus estimate of $4.11. Fiscal Q2 total revenue was $63.72 billion, up from $58.44 billion in the year-ago period and above the FactSet consensus of $63.11 billion. Costco shares were down 7.0%.

Artificial intelligence researchers at Microsoft ( MSFT ) believe they have achieved a notable milestone in the company's effort to reduce its dependence on OpenAI's technology for most of its AI products, The Information reported Friday, citing someone involved in the effort. Microsoft ( MSFT ) shares were down 2.5%.

Hewlett Packard Enterprise ( HPE ) reported Q1 non-GAAP net income late Thursday of $0.49 per diluted share, up from $0.48 a year earlier but below the FactSet consensus of $0.50. First-quarter revenue was $7.85 billion, up from $6.76 billion in the year-ago period and above the FactSet consensus of $7.81 billion. For Q2, the company projects non-GAAP EPS of $0.28 to $0.34 on revenue between $7.2 billion and $7.6 billion. Analysts expect $0.50 and $7.92 billion, respectively. For fiscal 2025, the company expects non-GAAP EPS of $1.70 to $1.90, with revenue growing 7% to 11%. Analysts expect $2.13 per share. Hewlett Packard ( HPE ) also plans to reduce its workforce by 5%, or about 2,500 employees, over the next 12 to 18 months, the company said during its earnings call. Hewlett Packard ( HPE ) shares were down 16.7%.

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