Nasdaq ticks to record despite jobs miss
US economy added 235,000 jobs vs. the 728,000 estimate
US economy creates 235K jobs in August
FOX Business' Cheryl Casone breaks down the August jobs report.
U.S. stock indexes finished mixed Friday, with the Nasdaq closing at an all-time high, after the August jobs report fell short of estimates.
The Dow Jones Industrial Average declined 74 points, or 0.21%, while the S&P 500 index slipped 0.03% and the Nasdaq Composite index edged higher by 0.21% to post its third straight record close.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
The August nonfarm payroll report showed the U.S. economy added just 235,000 jobs, less than the 728,000 estimate. The unemployment rate fell to 5.2%.
In stocks, banks were mixed as the 10-year yield responded to the jobs report by climbing 3 basis points to 1.32%, swinging the yield curve slightly steeper.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 47.51 | -0.26 | -0.54% |
| JPM | JPMORGAN CHASE & CO. | 249.72 | -0.07 | -0.03% |
| GS | THE GOLDMAN SACHS GROUP INC. | 608.57 | +3.14 | +0.52% |
Elsewhere, Apple Inc closed at an all-time high while Facebook Inc. and Alphabet Inc. finished just below their own peaks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 234.93 | -0.13 | -0.06% |
| FB | NO DATA AVAILABLE | - | - | - |
| GOOG | ALPHABET INC. | 170.82 | +0.20 | +0.12% |
In deals, the merger between chipmakers Western Digital Corp. and Japan’s Kioxia is on track to receive regulatory approval from Tokyo as long as key technology stays in Japan, Reuters reports, citing two sources with knowledge of the industry regulator’s internal discussions.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WDC | WESTERN DIGITAL CORP. | 72.99 | +1.49 | +2.08% |
Meanwhile, a Bloomberg report said the city of Beijing is considering a plan to take ride-sharing giant Didi Global Inc. under state control.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIDI | NO DATA AVAILABLE | - | - | - |
In commodities, West Texas Intermediate crude oil lost 70 cents to $69.29 a barrel and gold climbed $24.90 to $1,833.60 an ounce.
Overseas markets were mostly lower.
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European bourses were weaker across the board with Britain’s FTSE 100 slipping 0.46%, Germany's DAX 30 declining 0.37% and France’s CAC 40 sliding 1.08%.
In Asia, Japan’s Nikkei 225 surged 2.05% after Prime Minister Yoshihide Suga said he would not run in his party’s leadership election. Elsewhere, in the region, Hong Kong’s Hang Seng index lost 0.762%, China’s Shanghai Composite fell 0.43%