Stocks – Wall Street Opens Lower as Payrolls Fail to Impress; Dow Down 66 Pts

Investing.com — U.S. stock markets opened lower on Friday after a modestly better-than-expected jobs report for July failed to allay concerns that the economic recovery may be stalling. 

The U.S. created 1.763 million jobs in the month through mid-July, down from a revised 4.791 million in June. While that was marginally stronger than the 1.60 million average forecast, and while it was a relief after an alarmingly weak report on private payrolls from ADP earlier in the week, it still pointed to a clear loss of momentum in the labor market last month, when a surge of Covid-19 infections across the south and west of the U.S. forced a number of states to freeze or even partially reverse their economic reopening plans. 

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 73 points, or 0.3%, at 27,314 points. The S&P 500, which has closed in this week on a new all-time high, retreated 0.3%, while the Nasdaq Composite fell 0.2%.

The jobs report was unable to lift the gloom created by President Donald Trump’s latest blast at China and by the failure of lawmakers in Washington DC to agree on a new round of relief measures for the economy, most importantly the extension of unemployment benefits for the millions who have last their jobs since March. 

Trump on Thursday had raised tensions with China again on Thursday by banning U.S. residents from interacting with ByteDance, the owner of the TikTok app, on security grounds. He also issued a similar ban on the WeChat messaging app, which is owned by U.S.-listed Tencent Holdings (OTC:TCEHY). Tencent ADRs fell 7.0% in early trading.

Other Chinese ADRs also fell after a Trump administration panel recommended that Chinese companies be forced to delist if they don’t open their books to U.S. auditors. Alibaba (NYSE:BABA) ADRs and

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Stocks – Wall Street Opens Lower as Payrolls Fail to Impress; Dow Down 66 Pts

Investing.com — U.S. stock markets opened lower on Friday after a modestly better-than-expected jobs report for July failed to allay concerns that the economic recovery may be stalling. 

The U.S. created 1.763 million jobs in the month through mid-July, down from a revised 4.791 million in June. While that was marginally stronger than the 1.60 million average forecast, and while it was a relief after an alarmingly weak report on private payrolls from ADP earlier in the week, it still pointed to a clear loss of momentum in the labor market last month, when a surge of Covid-19 infections across the south and west of the U.S. forced a number of states to freeze or even partially reverse their economic reopening plans. 

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 73 points, or 0.3%, at 27,314 points. The S&P 500, which has closed in this week on a new all-time high, retreated 0.3%, while the Nasdaq Composite fell 0.2%.

The jobs report was unable to lift the gloom created by President Donald Trump’s latest blast at China and by the failure of lawmakers in Washington DC to agree on a new round of relief measures for the economy, most importantly the extension of unemployment benefits for the millions who have last their jobs since March. 

Trump on Thursday had raised tensions with China again on Thursday by banning U.S. residents from interacting with ByteDance, the owner of the TikTok app, on security grounds. He also issued a similar ban on the WeChat messaging app, which is owned by U.S.-listed Tencent Holdings (OTC:TCEHY). Tencent ADRs fell 7.0% in early trading.

Other Chinese ADRs also fell after a Trump administration panel recommended that Chinese companies be forced to delist if they don’t open their books to U.S. auditors. Alibaba (NYSE:BABA) ADRs and

Read More Here...

Stocks – Wall Street Opens Lower as Payrolls Fail to Impress; Dow Down 66 Pts

Investing.com — U.S. stock markets opened lower on Friday after a modestly better-than-expected jobs report for July failed to allay concerns that the economic recovery may be stalling. 

The U.S. created 1.763 million jobs in the month through mid-July, down from a revised 4.791 million in June. While that was marginally stronger than the 1.60 million average forecast, and while it was a relief after an alarmingly weak report on private payrolls from ADP earlier in the week, it still pointed to a clear loss of momentum in the labor market last month, when a surge of Covid-19 infections across the south and west of the U.S. forced a number of states to freeze or even partially reverse their economic reopening plans. 

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 73 points, or 0.3%, at 27,314 points. The S&P 500, which has closed in this week on a new all-time high, retreated 0.3%, while the Nasdaq Composite fell 0.2%.

The jobs report was unable to lift the gloom created by President Donald Trump’s latest blast at China and by the failure of lawmakers in Washington DC to agree on a new round of relief measures for the economy, most importantly the extension of unemployment benefits for the millions who have last their jobs since March. 

Trump on Thursday had raised tensions with China again on Thursday by banning U.S. residents from interacting with ByteDance, the owner of the TikTok app, on security grounds. He also issued a similar ban on the WeChat messaging app, which is owned by U.S.-listed Tencent Holdings (OTC:TCEHY). Tencent ADRs fell 7.0% in early trading.

Other Chinese ADRs also fell after a Trump administration panel recommended that Chinese companies be forced to delist if they don’t open their books to U.S. auditors. Alibaba (NYSE:BABA) ADRs and Nio (NYSE:NIO) ADRs both fell 4.0%.

Another stock under pressure was Uber (NYSE:UBER), which reported a widening loss in the second quarter as its booming food delivery business failed to compensate for a 75% drop year-on-year in bookings for its core ride-hailing business. The Uber Eats business, which has become more and more essential to CEO Dara Khosroshahi’s growth narrative, is still not profitable, but Khosroshahi stuck to his revised target of breaking even on an adjusted EBITDA level by the end of next year. Uber stock fell 5.1%.

The biggest gainers included Zillow (NASDAQ:ZG) stock, which rose 15% to a five-year high as the online realtor reported better-than-expected numbers for the second quarter.

Exxon Mobil, Chevron share losses contribute to Dow's 100-point fall

The Dow Jones Industrial Average is declining Friday morning with shares of Exxon Mobil and Chevron facing the biggest drops for the price-weighted average. The Dow DJIA, +0.17% was most recently trading 101 points (0.4%) lower, as shares of Exxon Mobil XOM, -0.45% and Chevron CVX, -0.76% are contributing to the index’s intraday decline. Exxon Mobil’s shares have declined $0.74 (1.7%) while those of Chevron are down $1.48, or 1.7%, combining for a roughly 15-point drag on the Dow. Other components contributing significantly to the decline include Caterpillar CAT, +0.39%, Walt Disney DIS, -0.68%, and Boeing BA, -1.26%. A $1 move in any one of the 30 components of the benchmark results in a 6.86-point swing.

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Exxon Mobil, Chevron share losses contribute to Dow's 100-point fall

The Dow Jones Industrial Average is declining Friday morning with shares of Exxon Mobil and Chevron facing the biggest drops for the price-weighted average. The Dow DJIA, +0.17% was most recently trading 101 points (0.4%) lower, as shares of Exxon Mobil XOM, -0.45% and Chevron CVX, -0.77% are contributing to the index’s intraday decline. Exxon Mobil’s shares have declined $0.74 (1.7%) while those of Chevron are down $1.48, or 1.7%, combining for a roughly 15-point drag on the Dow. Other components contributing significantly to the decline include Caterpillar CAT, +0.38%, Walt Disney DIS, -0.62%, and Boeing BA, -1.27%. A $1 move in any one of the 30 components of the benchmark results in a 6.86-point swing.

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Exxon Mobil, Chevron share losses contribute to Dow's 100-point fall

The Dow Jones Industrial Average is declining Friday morning with shares of Exxon Mobil and Chevron facing the biggest drops for the price-weighted average. The Dow DJIA, -0.31% was most recently trading 101 points (0.4%) lower, as shares of Exxon Mobil XOM, -1.26% and Chevron CVX, -1.81% are contributing to the index’s intraday decline. Exxon Mobil’s shares have declined $0.74 (1.7%) while those of Chevron are down $1.48, or 1.7%, combining for a roughly 15-point drag on the Dow. Other components contributing significantly to the decline include Caterpillar CAT, -0.72%, Walt Disney DIS, -0.99%, and Boeing BA, -0.89%. A $1 move in any one of the 30 components of the benchmark results in a 6.86-point swing.

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Dow opens modestly lower after July jobs report highlights challenges to U.S. recovery

U.S. stocks fell slightly at the start of the opening bell on Friday after the July official employment report came in stronger-than-expected but underlined the long slog for the U.S. economy as it tries to reclaim all the job losses during the pandemic. The S&P 500 SPX, +0.06% fell 0.3% to 3,340. The Dow Jones Industrial Average DJIA, +0.17% shed 111 points, or 0.4%, to 27,276. The Nasdaq Composite COMP, -0.87% retreated 0.3% to 11,077. The jobs report showed that the U.S. added 1.76 million jobs in July, with the unemployment rate falling to 10.2% from 11.1% in June. Investors were still waiting for updates on negotiations for another coronavirus fiscal relief package.

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