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Sept. 5, 2020, 8:28 a.m. EDT

Stocks fall but end off session lows as investors continue to rotate out of tech and momentum sectors

U.S. economy adds back jobs but at slowing pace in August, unemployment rate falls

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By William Watts and Mark DeCambre, MarketWatch

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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%.

/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 135.51
+3.48 +2.64%
Volume: 38.70M
Jan. 21, 2021 10:40a
P/E Ratio
41.49
Dividend Yield
0.60%
Market Cap
$2221.18 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/208967132/composite
US : U.S.: NYSE
$ 16.28
+0.31 +1.94%
Volume: 1.23M
Jan. 21, 2021 10:40a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.85 billion
Rev. per Employee
$320,021
loading...
/zigman2/quotes/204420722/composite
US : U.S.: NYSE
$ 18.96
+0.35 +1.88%
Volume: 2.26M
Jan. 21, 2021 10:40a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.85 billion
Rev. per Employee
$320,021
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 841.66
-8.79 -1.03%
Volume: 6.07M
Jan. 21, 2021 10:40a
P/E Ratio
1,694
Dividend Yield
N/A
Market Cap
$806.14 billion
Rev. per Employee
$511,871
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.11
+0.03 +2.68%
Volume: 0.00
Jan. 21, 2021 10:39a
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
90.05
-0.42 -0.47%
Volume: 0.00
Jan. 21, 2021 10:30a
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 53.08
-0.16 -0.30%
Volume: 179,134
Jan. 21, 2021 10:30a
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
411.31
+0.47 +0.11%
Volume: 0.00
Jan. 21, 2021 4:25p
loading...
/zigman2/quotes/200549425/delayed
FR : France: Euronext Paris
76.42
+0.31 +0.41%
Volume: 1,687
Jan. 21, 2021 2:08p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,927.76
-34.71 -0.12%
Volume: 3.00M
Jan. 21, 2021 4:55p
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
5,564.97
+88.54 +1.62%
Volume: 21.00B
Jan. 21, 2021 3:00p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
28,756.86
+233.60 +0.82%
Volume: 0.00
Jan. 21, 2021 3:15p
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William Watts is MarketWatch's deputy markets editor, based in New York. Follow him on Twitter @wlwatts. Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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