U.S. stock indices fell sharply on Friday after the publication of statistical data on the U.S. economy, which confirmed investors in the opinion that the Federal Reserve System (FRS) will continue rapid tightening of monetary policy.

The Dow Jones Industrial Average index fell 348.58 points (1.05%) to close at 32899.7 points. Standard & Poor’s 500 fell by 68.28 points (1.63%) – to 4108.54 points, Nasdaq Composite collapsed by 304.16 points (2.47%), its value amounted to 12012.73 points.

At the end of the week, the value of Dow Jones fell by 0.9%, S&P 500 – by 1.2%, Nasdaq – by 1%.

Shares of Tesla Inc. fell in price by 9.2% at the end of trading on Friday. The U.S. electric car maker needs to cut its workforce by 10%, according to company CEO Ilon Musk. In a message distributed among Tesla employees and found in the possession of Reuters, also said about Musk’s “extremely bad feelings” about the situation in the economy.

The value of Twitter Inc. securities rose 0.6 percent. The company said it had ended a 30-day “waiting period” during which regulators had a chance to block its deal with Musk.

Under current law, Musk and Twitter were required to notify the Federal Trade Commission (FTC) and the U.S. Department of Justice of the planned deal so regulators could evaluate it for potential antitrust violations. The absence of regulatory objections was a condition to finalizing the deal, the company noted.

The share price of Turning Point Therapeutics Inc., a developer of drugs to treat cancer, more than doubled on information about its purchase by pharmaceutical company Bristol Myers Squibb Co. for $4.1 billion.

Under the terms of the deal, Bristol Myers will pay $76 per Turning Point share, which is more than twice the price of the securities at the market close on Thursday ($36.16).

Bristol Myers shares rose 0.1%.

Shares of Microsoft Corp., which worsened a day earlier its profit and revenue forecasts for the 4th fiscal quarter due to the strengthening of the U.S. dollar, decreased in price by 1.7%.

The price of CoinbaseGlobal Inc. securities fell by 9.7%. The operator of the largest U.S. cryptocurrency exchange, said it is extending a pause in hiring new employees and canceling a number of existing contracts due to the difficult market environment.

According to the report of the U.S. Mitrud, the number of jobs in the country’s economy in May increased by 390 thousand. The data for April was revised for the better: the number of jobs increased by 436 thousand, not 428 thousand, as previously reported. Experts surveyed by Bloomberg, on average, predicted their increase in May by 318 thousand.

Unemployment in the U.S. last month remained at the April level – 3.6%. Analysts on average expected its decline to 3.5%. Hourly wage growth slowed to 5.2% in annualized terms from 5.5% in April.

While the pace of wage increases has slowed somewhat, it remains too high for the Fed to stop tightening policy, said Janus Henderson analyst Matt Peron.

“The data show that inflation has probably passed its peak, but the pace is still unsustainable. As a result, the factor of the Fed raising rates will remain, and it will continue to hold the stock market back until we see a further slowdown in inflation,” Market Watch quoted Peron as saying.

“The labor market report showed investors that growth in the U.S. economy continues in full force,” said Commonwealth Financial Network portfolio manager Peter Essele. – The downside to this, however, is that the challenge of high inflation will persist given strong consumer demand, wage pressures and rising commodity prices.”

Data from the Institute for Supply Management (ISM), also released on Friday, showed the U.S. ISM Non-Manufacturing index of business activity in the U.S. services sector fell to a 15-month low of 55.9 points in May. The average forecast of experts surveyed by Trading Economics suggested a less significant decline to 56.4 points from 57.1 points in April.