Dismal August jobs data was in the spotlight today
The Dow finished the day firmly in the red, landing its fourth loss this week and securing a weekly deficit. Meanwhile, the Nasdaq landed its fourth record finish of the week, while the S&P 500 pulled back to before close, with both indexes scoring weekly wins. Highly anticipated August jobs data was at the forefront of investors' minds today, with dismal results, as non-farm payrolls increased by just 235,000, which is a far cry from Wall Street's expected 720,000. In response, many are speculating over the Fed's bond tapering plans.
Continue reading for more on today's market, including:
- Beverage name has short squeeze potential ahead of earnings.
- What happened with the cannabis sector this week.
- Plus, WDC's merger update; FTC investigates MCD; FAANG stock sees an impressive run.
The Dow Jones Average (DJI - 35,369.09) fell 74.7 points, or 0.2%. Salesforce.com (CRM) led the Dow winners today with a 1.1% gain, while American Express (AXP) landed at the bottom of the list with a 1.7% loss. For the week, the blue-chip index posted a 0.2% loss.
The S&P 500 Index (SPX - 4,535.43) lost 1.5 points, or 0.03%, while the Nasdaq Composite (IXIC - 15,363.52) jumped 32.3 points, or 0.2%. For the week, the SPX added 0.6%, while the Nasdaq gained 1.5%.
Lastly, the Cboe Volatility Index (VIX - 16.41) was flat for the day, but added 0.1% for the week.
- A look at the crypto sector today, as several cryptocurrencies and related stocks get a leg up, while Bitcoin (BTC) trades above $50,000. (MarketWatch)
- What data shows about Labor Day weekend plans in the U.S., as 137 million Americans appear to be traveling. (CNBC)
- Western Digital stock highlighted amid merger update.
- Behind the Federal Trade Commission's (FTC) probe into McDonald's.
- Taking a look at NFLX after its recent rally.
Oil, Gold Prices Make Weekly Climbs
Oil futures fell today, while recovery from Hurricane Ida remains slow in the Gulf Coast. Baker Hughes data showed the number of active U.S. oil-drilling rigs dropping by 16 to 394 this week -- the largest weekly drop this year. October-dated crude fell 70 cents, or 1%, to settle at $69.29 a barrel. For the week, the commodity gained 0.8%.
Gold prices rose to their highest level since mid-June, after today's disappointing jobs report. December-dated gold rose $22.20, or 1.2%, to settle at $1,833.70 an ounce. For the week, gold added 0.8%.