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 38589.16 -57.94 -0.15%
HD THE HOME DEPOT INC. 346.84 -1.04 -0.30%
JPM JPMORGAN CHASE & CO. 193.78 +0.12 +0.06%
BAC BANK OF AMERICA CORP. 39.23 -0.01 -0.01%

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 5431.6 -2.14 -0.04%
XLF FINANCIAL SELECT SECTOR SPDR ETF 40.65 -0.13 -0.32%

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 17688.882106 +21.32 +0.12%
AAPL APPLE INC. 212.49 -1.75 -0.82%
TSLA TESLA INC. 178.01 -4.46 -2.44%

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. 178.37 +1.63 +0.92%
AMZN AMAZON.COM INC. 183.66 -0.17 -0.09%
MSFT MICROSOFT CORP. 442.57 +0.99 +0.22%

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. 446.46 +0.11 +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.

Ticker Security Last Change Change %
DOCU DOCUSIGN INC. 50.84 -0.34 -0.66%
SWBI SMITH & WESSON BRANDS 16.00 -0.14 -0.87%

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%.