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U.S. equities finished mixed on Friday as a much stronger-than-expected August employment report reinforced the resilience of the U.S. economy but reduced the urgency for the Federal Reserve to ease monetary policy.
The S&P 500 slipped 29.11pts (-0.38%) to 7718.6.
The Nasdaq 100 gained 61.835pts (+0.21%) to 29544.155.
The Dow fell 271.86pts (-0.51%) to 53414.25.
On the sector front, the outperforming sectors were Technology (XLK), Industrials (XLI), and Utilities (XLU), while Consumer Discretionary (XLY), Communication Services (XLC), and Health Care (XLV) underperformed the most.
Looking at the latest North American employment data, U.S. non-farm payrolls increased by 162,000 in August, well above the 56,000 gain expected and up from a revised 21,000 in July, pointing to stronger-than-anticipated hiring. The U.S. unemployment rate held steady at 4.1%, in line with forecasts. The stronger payrolls reading suggests the labour market remains resilient and could reduce the urgency for the Federal Reserve to ease monetary policy.
U.S. Equity News:
SanDisk Corp. (SNDK), a flash-memory and data-storage company, jumped 11.9% as accelerating NAND flash-memory prices strengthened expectations for higher revenue and margins amid tightening supply and robust demand.
Fair Isaac (FICO), the developer of the widely used FICO credit score, plunged 16% after Federal Housing Finance Agency Director Bill Pulte criticized the company’s dominance in mortgage credit scoring. Peers Equifax (EFX) fell 6.37%, while TransUnion (TRU) dropped 5.93%.
Lululemon Athletica (LULU), a designer of athletic apparel and accessories, sank 17.38% after its current-quarter guidance came in well below expectations.
Tesla (TSLA), the electric-vehicle maker, fell 5.92% after a Cybercab event left investors disappointed.
Volatility & Commodities Snapshot:
The VIX index rose 0.21pt (+1.47%) to 14.53.
The U.S. 10-year Treasury yield declined to 4.784%.
In the commodities market, gold fell $42.21 (-0.94%) to $4,430.65, while silver dropped $0.78 (-1.17%) to $66.17. WTI crude oil edged up $0.09 (+0.10%) to $91.39.
Europe Market Overview:
At the European close, the major indices in the region finished mixed.
Germany's DAX gained 43pts (+0.17%) to 26046.
France's CAC 40 slipped 7pts (-0.09%) to 8278.
The U.K.'s FTSE 100 was unchanged at 10831.
On the stat plan, in Germany, factory orders rose 2.5% month-on-month in July, versus +0.5% expected and after increasing 3.7% in June.
Foreign Exchange & Crypto Wrap:
The U.S. Dollar Index gained 0.26pt (+0.26%) to 99.163.
EUR/USD fell 12pips (-0.10%) to 1.1612.
GBP/USD slipped 9pips (-0.07%) to 1.3512.
USD/JPY rose 47pips (+0.30%) to 156.26.
USD/CHF advanced 22pips (+0.27%) to 0.8097.
AUD/USD edged up 5pips (+0.07%) to 0.7204.
USD/CAD advanced 43pips (+0.31%) to 1.3834. In Canada, the labour market weakened in August, with employment falling by 41,700, well below expectations for a 15,000 increase and reversing much of July’s 75,100 gain. Full-time employment declined by 35,900, compared with expectations for a 4,000 increase. Despite the drop in employment, the unemployment rate held steady at 6.4%, matching forecasts. Overall, the data point to softer hiring conditions and could reinforce expectations for a more accommodative Bank of Canada policy stance.
Finally, in the cryptocurrency market, Bitcoin fell $1,628 (-2.00%) to $79,853, while Ethereum declined $49 (-1.96%) to $2,456.
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