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 34077.63 -123.04 -0.36%
HD THE HOME DEPOT, INC. 326.77 -1.63 -0.50%
JPM JPMORGAN CHASE & CO. 152.59 -0.71 -0.46%
BAC BANK OF AMERICA CORP. 39.23 +0.11 +0.28%

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 4163.26 -22.21 -0.53%
XLF FINANCIAL SELECT SECTOR SPDR ETF 35.30 -0.10 -0.28%

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 n.a. n.a. n.a. n.a.
AAPL APPLE, INC. 134.84 +0.68 +0.51%
TSLA TESLA, INC. 714.63 -25.15 -3.40%

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. 2,302.40 +4.64 +0.20%
AMZN AMAZON.COM, INC. 3,372.01 -27.43 -0.81%
MSFT MICROSOFT CORP. 258.74 -2.00 -0.77%

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. 343.37 +0.76 +0.22%

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. 223.30 -8.63 -3.72%
SWBI SMITH & WESSON BRANDS 18.44 +0.17 +0.93%

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%.