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.

Continue Reading Below

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES27657.42-244.56-0.88%
HDTHE HOME DEPOT INC.275.31-4.58-1.64%
JPMJP MORGAN CHASE & CO.98.35-0.21-0.21%
BACBANK OF AMERICA CORP.25.21-0.14-0.55%

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%.

TickerSecurityLastChangeChange %
SP500S&P 5003319.47-37.54-1.12%
XLFFINANCIAL SELECT SECTOR SPDR ETF24.68-0.07-0.28%

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%.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX10793.28193-116.99-1.07%
AAPLAPPLE INC.106.84-3.50-3.17%
TSLATESLA INC.442.15+18.72+4.42%

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.

TickerSecurityLastChangeChange %
GOOGALPHABET INC.1,459.99-35.54-2.38%
AMZNAMAZON.COM INC.2,954.91-53.82-1.79%
MSFTMICROSOFT CORP.200.39-2.52-1.24%

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.

TickerSecurityLastChangeChange %
GSGOLDMAN SACHS GROUP INC.194.86+0.03+0.02%

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.

TickerSecurityLastChangeChange %
DOCUDOCUSIGN194.86+1.47+0.76%
SWBISMITH & WESSON BRANDS15.19-0.43-2.75%

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.

CLICK HERE TO READ MORE ON FOX BUSINESS

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%.