Reporters reported that The Dow Jones Industrial Average closed lower last night (Sept. 3) as investors were disappointed with the release of lower-than-expected US job numbers. This has raised uncertainty about the economic recovery from the impact of COVID-19. Amid the rapid spread of the delta virus
The Dow Jones Industrial Average closed at 35,369.09, down 74.73, or -0.21%, and the S&P500 closed at 4,535.43, down 1.52, or -0.03%, while the Nasdaq closed at 15,363.52, up 32.34, or +0.21%.
Inside this week The Dow was down 0.2%, while the S&P500 and Nasdaq were up 0.6% and 1.6%, respectively.
Six of the 11 S&P 500 stocks closed lower, led by utilities, down 0.8%, while gainers led by technology, up 0.38%.
The Dow Jones Industrial Average and the S&P500 fell slightly ahead of the long US holiday this weekend. The US stock market will be closed on Monday, Sept. 6 for Labor Day.
The Nasdaq index rose against the market. Because investors continue to buy technology stocks. Shares of Apple, Alphabet and Facebook were up 0.3-0.4%.
The US stock market was under pressure after the US Labor Department reported on Friday that The number of non-farm payrolls increased by only 235,000. position in Aug. That was lower than analysts’ estimates of 720,000. position after rising 1,053,000 Position in July
The unemployment rate dropped to 5.2 percent in August, in line with analysts’ expectations. after hitting 5.4% in July.
Experts say The jobs numbers will be one factor the Federal Reserve’s (FOMC) Monetary Policy Committee (FOMC) will consider to begin announcing a cut in its quantitative easing (QE) bond-buying program at its meeting. Set the Fed’s monetary policy on September 21-22?
Cruise operator stocks, including Norwegian Cruise Line Holdings, Carnival Corp and Royal Caribbean Cruise, were down 3.4-4.4 percent.
Manufacturing and industrial stocks that are sensitive to economic conditions fell 0.7% and 0.6%, respectively.
Banking stocks were down 0.4%, although yields on US 10-year Treasury bonds rose after the job report.
Trading has gone awry amid differing views from investors after the release of U.S. job numbers. Some investors were disappointed with the employment numbers. Due to the view that the US labor market is still weak And it indicates that the US economy has not recovered after being hit by the Covid-19 epidemic. But some investors look at the positive view that The lower-than-expected employment numbers Will cause the Fed to not accelerate the announcement of a reduction in the QE limit. U.S. labor market must strengthen before Fed considers QE cuts
Other economic disclosures that are involved in market pressures include: The US Institute of Supply Management (ISM) released its US service sector index. It fell to 61.7 in August from 64.1 in July, the highest level on record. But higher than analysts’ estimates at 61.5. IHS Markit, a financial information services company, said. Purchasing Managers Index (PMI) US Final Services fell to 55.1 in August, the lowest level since December. 2020 from 59.9 in July
