US stocks flat as August jobs growth disappoints

The broad-based S&P 500 dipped 0.1 per cent to 2,974.27, while the tech-rich Nasdaq Composite Index shed 0.2 per cent to 8,101.29. — Reuters pic

NEW YORK, Sept 6 — Wall Street stocks were little changed early today after US employment data showed job growth slowing in August.

The weaker-than-expected jobs report, which also cut estimates for new positions in two earlier months, comes as US equities have rallied the last two days on optimism over US-China trade talks and an ebbing of tensions in Hong Kong.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 26,741.11, up 0.1 per cent.

The broad-based S&P 500 dipped 0.1 per cent to 2,974.27, while the tech-rich Nasdaq Composite Index shed 0.2 per cent to 8,101.29.

Employers added 130,000 net new positions for the month, far lower than analyst forecasts, while the jobless rate held steady at 3.7 per cent for the third month in a row, and wages rose, according to Labour Department estimates.

The report comes as futures market overwhelmingly expect the Federal Reserve to cut interest rates later this month. Fed Chair Jerome Powell is scheduled to appear later today at a public event in Switzerland. — AFP

Read More Here...

Bookmark the permalink.