[ad_1]
Advertisment
The S&P 500 edged up Friday as investors assessed a weaker-than-expected August jobs report and its implication on U.S. monetary policy.
The Dow Jones Industrial index gained back 205.63 points to open Friday at 40,961.38.
The much-broader index reversed 1.1 points to 5,502.31.
The NASDAQ lost 79.51 points to 17,048.13.
Popular semiconductor stocks lagged after Broadcom forecast fiscal fourth-quarter revenue that came up short of analyst estimates. Shares shed 9%, while Nvidia, Advanced Micro Devices and Marvell Technology slumped at least 2% in sympathy. The iShares Semiconductor ETF declined 2%.
Fresh August jobs data showed further signs of a slowing labor market as growth fears mount on Wall Street. Nonfarm payrolls grew by 142,000, versus a 161,000 gain expected by economists polled by Dow Jones. However, the unemployment rate edged down to 4.2%, in line with expectations.
Friday’s data print comes on the heels of a rocky week for equity markets. The S&P 500 is on pace for a 2.4% decline and its worst week since April, while the NASDAQ is down 3.5%. The 30-stock Dow has slumped 1.3%.
Prices for the 10-year Treasury tailed off, raising yields to 3.76% from Thursday’s 3.73%. Treasury prices and yields move in opposite directions.
Oil prices took on 52 cents to $69.67 U.S. a barrel.
Gold prices dropped $7.30 to $2,535.80.
[ad_2]
Source link