US equity markets booked steep losses on Friday (7 October), with the decline accelerating in the final hour of the session as investors digested the latest jobs report, which is anticipated to reinforce the Federal Reserve’s resolve to keep tightening monetary policy - Dow fell -630-points or -2.11% to 29,296.79, touching an intra- session low of 29,142.66. The broader S&P500 shed -2.80%, with ~94% of index constituents settling in the red. Information Technology (down -4.14%) led all eleven primary sectors lower, with Consumer Discretionary (-3.54%), Communication Services (-2.84%) and Materials (-2.54%) all falling over >2.5%. Energy (down -0.72%) was yet again the best performing sector on a relative basis. The Nasdaq tumbled -3.80%. The PHLX Semiconductor Index fell -6.06% on Friday (7 October), closing at its lowest level since early November 2020 and recording its third 6%+ one-day drop of the year after the U.S. Department of Commerce expanded its list of chip technology that requires a license to be sold to China. News of the ban came on the heels of Advanced Micro Devices Inc (down -13.87%) cutting its already conservative forecast because a drop in PC sales after two years of pandemic-driven sales appears worse than feared. Intel Corp fell 5.37%, Nvidia Corp -8.03%, and Texas Instruments Inc -4.36%. Meta Platforms Inc (down -4.04%) holds its annual ‘Connect’ event on Tuesday night AEST (11 October) showcasing new augmented and virtual reality products, including the much touted headset codenamed Project Cambria. The small capitalisation Russell 2000 lost -2.87%.