Stocks fell sharply on Friday, marking their third straight week of losses, after a post-jobs report rally failed to ease growing concerns about the Federal Reserve's hawkish moves triggering a potential recession. The Dow Jones Industrial Average dropped over 300 points, while the S&P 500 Index and Nasdaq Composite both fell over 1%.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -1.07% or -42.44 points to 3,924.41

Dow Jones Industrial Average (DIA  ): -1.07% or -337.58 points to 31,318.84

Nasdaq Composite Index (QQQ  ): -1.31% or -154.26 points to 11,630.86

All of the major averages were lower at the end of the week, with the Dow and S&P 500 losing 3% and 3.3%, respectively, while the Nasdaq fell 4.2%. This is the third negative week for Wall Street after the summer rally lost steam in August.

Driving the market on Friday was the Labor Department's jobs report for August, which showed non-farm payrolls growing by a more-than-expected 315,000. The unemployment rate also rose to 3.7%.

Economists had expected gains to total about 300,000 with the unemployment rate remaining unchanged at 3.5%. August's gain was also well off the 526,000 print for July and marked the lowest monthly gain since April 2021.

Beneath the headline, wage gains moderated in August, with average houring earnings rising 0.3% month-over-month and 5.2% annually.

The August jobs report is particularly important since it is one of the last major economic reports the Fed will assess before it meets raise interest rates at its upcoming September meeting. The last major report is August's consumer price index (CPI) data due out on Sept. 13, and will likely determine how aggressive the Fed will be in the near-term.

For stocks, Lululemon Athletica (LULU  ) rose on Friday after the fitness apparel retailer reported strong Q2 earnings and boosted its full-year profit and revenue forecasts.

"Despite the challenges around us in the macro-environment, guest traffic in our stores and on our e-commerce sites remains robust, which speaks to the strength of our multidimensional operating model," CFO Meghan Frank said in a statement.

The company now expects 2022 revenue between $7.865 billion and $7.940 billion, up from the range of $7.610 billion to $7.710 billion it projected last quarter. Lululemon also maintained the company's long-term outlook of doubling net revenue to $12.5 billion from 2021 to 2026.

Broadcom (AVGO  ) shares also rose Friday after the chipmaker posted better-than-expected Q3 earnings and issued a strong revenue forecast for the current quarter, now expecting revenue of $8.9 billion.

CEO Hock Tan said the company also expects strong demand across all its end markets to continue during for the current quarter, easing some fears of a decline in chip demand.

Starbuck's (SBUX  ) was also in the news on Friday after New York City's Department of Consumer and Worker Protection issued a lawsuit against the coffee-chain over allegations of wrongful termination of multiple employees.

Wall Street will be closed on Monday for the Labor Day U.S. holiday. Markets will resume normal trading hours on Tuesday.