NASDAQ closes in correction territory after weak jobs report

The NASDAQ Composite closed in correction territory on Friday in the wake of poor jobs growth data.

The index closed at 16,776.16, down 2.43%, according to MarketWatch. That decline, per CNBC, represented a more than 10% drop from the index's recent high.

A "correction" occurs when a market falls more than 10% from a recent high.

The stock market drop followed a jobs report Friday that revealed an uptick in the unemployment rate from 4.1% in June to 4.3% in July.

The index dipped into correction territory early in the day, according to Reuters, but posted a modest recover by the afternoon that saw the market close just outside of the correction line.

Weighted toward tech stocks, the index's decline comes amid a string of adverse developments in the industry. Intel announced this week that it would lay off 15,000 workers, the New York Times reported.

Electric vehicle maker Tesla posted a substantial year-over-year decline in second-quarter profits last month, according to the Associated Press.