The major indices opened the markets lower on Friday after the August jobs report came in short of expectations. Dow Jones Industrial Average was down by more than 82 points. S&P 500 index was 10 points lower, while the tech-heavy Nasdaq 100 index fell 38 points.
US Market Concerns
Data released by the US Bureau of Labor Statistics, the total nonfarm payrolls employment rose by 235,000 in August. This was lower than the Dow Jones estimate of a 750,000 increase. This followed an improvement in the weekly initial jobless claims for the week ending August 28. The unemployment rate for the same month declined 0.2% to 5.2%.
A decline in the overall employment look might prompt the Federal Reserve to rethink its take on scaling down asset purchases soon. According to Powell’s latest speech, the Fed is in talks about tapering its bond purchases sooner than expected.
US Treasury yields edged slightly higher amid disappointing employment data. The yield on the benchmark 10-year Treasury note rose to 1.321%. The yield on the 30-year Treasury bond advanced to 1.942%.
Oil prices were hovering over the crucial level at $70.00 on Friday amid a slow recovery from the damages by Hurricane Ida. US West Texas Intermediate (WTI) crude trading higher at $70.11 per barrel. Brent crude edged higher to $73.11 per barrel.
Nasdaq 100 Movers
The best performer in the Nasdaq 100 index was DocuSign Inc. The American company announced its second-quarter fiscal earnings on Friday. The company’s total revenue jumped 50% YoY to $511.8 million. Its free cash flow came in higher at $161.7 million.
Broadcom Inc gained 2.27% in its stock earnings. The semi-conductor company recently reported its third-quarter earnings. Its total revenue was up 16% at $6.77 billion amid surging demand for chips.
Crowdstrike Holdings Inc was up 1.83% earlier on Friday. The cybersecurity technology company has been moving higher after announcing its second-quarter earnings. The company’s earnings beat estimates by 2 cents.
Seagen led the laggards in the Nasdaq 100 index. The biotechnology company fell 2.77%. on Wednesday, the company recorded its largest fall since February after it was revealed that the company CEO sold company shares worth millions of dollars.
Keurig Dr Pepper was also among the drags, falling more than 1.34%. The company is the leading beverage company in North America.