By William Watts and Mark DeCambre, MarketWatch
Private-sector payrolls rose by a smaller 1 million. Hours worked rose 0.1 hour to 34.6 hours. The increase in hiring in July was revised down slightly to 1.73 million.
The report showed that the gains are “slow but steady which is actually a perfect thing to see overall,” JJ Kinahan, chief market strategist for TD Ameritrade, told MarketWatch. That said, the strategist thinks investors may need to see more progress, especially given where the labor-market was in February.
Mike Loewengart, managing director investment strategy at E-Trade Financial , said that investors could see more turbulence after Thursday’s unsettling action.
“It’s been a while since we’ve been in the throes of the type of volatility that defined the market earlier this year, so investors may have some post-traumatic stress after yesterday’s landslide,” he wrote in emailed comments on Friday.
“For some perspective, September ushers in a historically volatile period for the market, and has a particularly bearish reputation,” he wrote. “Certainly, wide price swings are never comfortable, but investors should keep in mind that periods of volatility like this are not uncommon, especially on the heels of an epic rally, and should be taken in stride,” Loewengart said.
Which stocks were in focus?
-
Apple Inc. /zigman2/quotes/202934861/composite AAPL +2.64% shares reversed earlier losses to end with a gain of 0.1%, after an 8% tumble for the company’s worst day since March 16, when shares plunged 12.9%.
-
Athletic-apparel company Under Armour Inc . /zigman2/quotes/208967132/composite UA +1.94% /zigman2/quotes/204420722/composite UAA +1.88% said Friday it will close all of its UA Brand House and UA Factory House retail locations in the U.S. for Thanksgiving on Nov. 26., as a way to thank workers for their efforts during the pandemic.
-
Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA -1.03% erased an early decline, rising 2.8% to allow the electric-vehicle maker to avoid a fourth straight decline.
How did other markets trade?
The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +2.68% jumped 9.9 basis points to 0.72% after skidding lower on Thursday. Bond prices move inversely to yields.
The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY -0.47% , which tracks the performance of the greenback against its major rivals, was flat.
Gold futures ended lower, retreating for a third straight session. U.S. benchmark crude futures /zigman2/quotes/211629951/delayed CL.1 -0.30% tumbled on demand worries, finishing below $40 a barrel.
The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.11% closed off 1.1%, while the U.K.’s benchmark FTSE 100 /zigman2/quotes/200549425/delayed FR:UKX +0.41% ended 0.9% lower on Friday.
In Asia, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.12% fell 1.3% and China’s CSI 300 /zigman2/quotes/210598128/delayed XX:000300 +1.62% closed 1% lower. Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.82% rose 1.1%.
Add to watchlist
AAPL
Add to watchlist
UAA
Add to watchlist
TSLA
Add to watchlist
BX:TMUBMUSD10Y
Add to watchlist
DXY
Add to watchlist
FR:UKX
Add to watchlist
HK:HSI
Add to watchlist
XX:000300
