Stocks curb losses but Nasdaq posts worst week since March
The unemployment rate fell to 8.4% in August
U.S. equity markets clawed back a large portion of their losses but finsihed lower in what was a volatile end to trading ahead of Labor Day weekend.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 51920.62 | +71.72 | +0.14% |
| HD | THE HOME DEPOT INC. | 345.00 | +2.14 | +0.62% |
| JPM | JPMORGAN CHASE & CO. | 335.12 | +1.67 | +0.50% |
| BAC | BANK OF AMERICA CORP. | 58.19 | +0.46 | +0.80% |
The Dow Jones Industrial Average, which fell over 600 points intraday, lost 159 points, or 0.56%. Investors rotated out of stocks including Home Depot Inc. while buying JPMorgan Chase & Co. and Bank of America Corp.
Financials also led the gains in the S&P 500 despite the broader index closing lower by 0.81%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 7357.49 | -0.73 | -0.01% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 53.45 | -0.27 | -0.50% |
The Nasdaq Composite, meanwhile. dropped 1.27%, as both Apple Inc. and Tesla Inc., booked gains.
Tesla shares, which briefly slid into bear-market territory, down at least 20% from their Aug. 31 peak, added 2.78%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 25358.602861 | -118.03 | -0.46% |
| AAPL | APPLE INC. | 275.15 | -17.93 | -6.12% |
| TSLA | TESLA INC. | 375.12 | -0.41 | -0.11% |
Looking at the economy, U.S. nonfarm payrolls added 1.371 million workers in August, pushing the unemployment rate down to 8.4% from 10.2%, according to the Labor Department. Wall Street economists surveyed by Refinitiv were expecting the addition of 1.4 million and an unemployment rate of 9.8%.
In Silicon Valley, Alphabet Inc., Amazon Inc. and Microsoft Corp, -- three companies with a market value of greater than $1 trillion -- remained under pressure after Thursday’s bruising selloff.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOG | ALPHABET INC. | 342.19 | -2.85 | -0.83% |
| AMZN | AMAZON.COM INC. | 227.01 | -7.26 | -3.10% |
| MSFT | MICROSOFT CORP. | 352.83 | -12.63 | -3.46% |
Elsewhere, Malaysia dropped criminal charges against Goldman Sachs Group after the firm last month agreed to a $3.9 billion settlement amid allegations it aided in the theft of billions of dollars from the government’s 1MDB investment fund.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 1,065.09 | -11.82 | -1.10% |
Looking at earnings, Docusign Inc. reported profit and revenue that exceeded Wall Street estimates and gave full-year guidance that outpaced expectations.
Gunmaker Smith & Wesson Brands Inc. reported revenue in the three months through June surged 125% to a record $277.97 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DOCU | DOCUSIGN INC. | 42.46 | -1.78 | -4.02% |
| SWBI | SMITH & WESSON BRANDS | 15.69 | -0.43 | -2.67% |
In commodities, West Texas Intermediate crude oil slipped $1.60 to $39.77 per barrel, its biggest drop since late June, while gold was little changed at $1,923.90 an ounce.
U.S. Treasurys were lower, pushing the yield on the 10-year note up 9.9 basis points to 0.720%, its biggest one-day yield gain since May.
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In Europe, Germany’s DAX fell 1.65%, while France’s CAC and Britain’s FTSE slid 0.89% and 0.88%, respectively.
Asian markets finished lower across the board with Hong Kong’s Hang Seng sliding 1.25%, Japan’s Nikkei declining 1.11% and China’s Shanghai Composite dropping 0.88%.