The major indexes initially advanced after the report showed the unemployment ticked up in August, before pulling back from their morning highs. The upcoming Labor Day weekend might be to blame for the rocky moves.
A hiring cooldown over the summer had raised investors’ hopes the Federal Reserve could be wrapping up its rate-hiking campaign. Fed Chair Jerome Powell said at Jackson Hole last week that the central bank would consider raising rates later in the year if the economy doesn’t slow enough to keep inflation falling.
Stocks finish mixed. The tech-focused Nasdaq Composite was roughly flat. The Dow and S&P 500 ended higher.
The 10-year Treasury yield climbed. It rose to 4.173%, up from its closing level of 4.09% on Thursday.
Consumer-discretionary and consumer-staples stocks struggled. Dollar General led declines.
Some chip stocks fell. Shares of Nvidia and Broadcom pulled back after the latter company reported earnings.
TV stocks dropped. A dispute between Disney and Charter sent shares of those companies lower—and rippled through the industry.
Cryptocurrencies gave up recent gains after the SEC delayed decisions on whether to approve spot bitcoin ETFs.
Global stock indexes advanced moderately. Japan’s Nikkei 225 and Europe’s Stoxx Europe 600 both rose around 0.3%.
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