Stocks declined Friday, as Nvidia (NVDA  ) shares fell on the day in its worst session since May. The Dow Jones Industrial Average lost nearly 70 points, while the S&P 500 Index and tech-heavy Nasdaq Composite fell about 0.7% and 1.2%, respectively.

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

S&P 500 Index (SPY  ): -0.65% or -33.67 points to 5,123.69

Dow Jones Industrial Average (DIA  ): -0.18% or -68.66 points to 38,722.69

Nasdaq Composite Index (QQQ  ): -1.16% or -188.26 points to 16,085.11

Moving Markets: The U.S. economy added a more-than-expected 275,000 jobs in February, the Labor Department reported Friday, as the unemployment rate ticked higher to 3.9%. Last month's print was also above January's downwardly revised print of 229,000 from the initially reported 353,000. Moreover, wages grew at a slower-than-expected rate at 0.1% on the month and 4.3% year-over-year.

Beneath the headline, health care and social assistance positions saw the largest hiring gains at 90,700 jobs, according to the report, as hospital and ambulatory health care services added 28,000 and 27,7000 jobs, respectively. Leisure and hospitality also saw growth, adding 58,000 jobs as foods services and drinking places added about 42,000 positions in February after three months of little change.

Elsewhere, the U.S. Food and Drug Administration (FDA) approved Novo Nordisk's (NVO  ) weight loss drug Wegovy for use in reducing servius cardiovascular conditions in adults with obesity and heart disease on Friday, expanding the drug's potential insurance coverage beyond weight loss.

"This approval is an important milestone for people living with obesity and cardiovascular disease ... Wegovy has the potential to prolong lives by addressing some of the leading causes of preventable deaths by reducing the risks of cardiovascular events," said Martin Holst Lange, executive vice president and head of development at Novo Nordisk, in a release.

On the Earnings Front: Costco Wholesale (COST  ) reported disappointing fiscal second-quarter earnings results late Thursday despite the retailer reporting gains in year-over-year sales and ecommerce.

Gap (GPS  ) reported fourth-quarter earnings that topped estimates for its holiday season quarter late Thursday. For its current quarter and full year, Gap expects sales to remain flat, compared to estimates of a 0.2% decrease and up to 0.5%, respectively.

"While the apparel market is currently expected to decline in 2024, there are always winners in every market, and we're seeing the consumer react to newness," CEO Richard Dickson told CNBC in an interview. "We're seeing innovative marketing drive traffic, and it's inspiring us to believe that we are on the right track with our reinvigoration playbook."

Looking Ahead: Market participants are in for a week full of economic reports including February's CPI, U.S. retail sales and PPI readings, as well as March's preliminary consumer sentiment reading ahead of the Federal Reserve's next policy meeting towards the end of the month.