Stocks may turn in a mixed performance in early trading on Friday following the broad-based sell-off seen in the previous session. The major index futures are currently pointing to a mixed open for the markets, with the Dow futures up by 102 points but the Nasdaq futures down by 155 points.
The Dow futures jumped following the release of the Labor Department’s closely watched monthly jobs report, which showed another significant increase in employment along with a bigger than expected drop in the unemployment rate.
The Labor Department said non-farm payroll employment surged up by 1.371 million jobs in August, nearly in line with economist estimates for a jump of about 1.400 million jobs.
The report also showed the unemployment rate dropped to 8.4 percent in August from 10.2 percent in July, while economists had expected the rate to dip to 9.8 percent.
The data may help to offset concerns about a slowdown in the pace of the economic recovery following the initial rebound from the coronavirus-induced slowdown.
However, technology stocks may see further downside after helping to lead the sell-off seen in the previous session.
Tech giant Apple (AAPL) is moving notably lower in pre-market trading along with other big-name tech stocks like Facebook (FB), Amazon (AMZN), and Netflix (NFLX).
Profit taking may continue to weigh on the sector, as tech stocks helped to lead the substantial recovery on Wall Street but some analysts have suggested the rebound was overdone.
Following the rally seen on Wednesday, stocks showed a substantial move back to the downside during trading on Thursday. The major averages all moved sharply lower, with the tech-heavy Nasdaq showing a particularly steep drop.
The major averages climbed off their worst levels going into the close but still posted significant losses. The Dow tumbled 807.77 points or 2.8 percent to 28,292.73, the Nasdaq plummeted 598.34 points or 5 percent to 11,458.10 and the S&P 500 plunged 125.78 points or 3.5 percent to 3,455.06.
In overseas trading, stock markets across the Asia-Pacific region moved notably lower during trading on Friday. Japan’s Nikkei 225 Index slumped by 1.1 percent, while China’s Shanghai Composite Index slid by 0.9 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index is down by 0.2 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index are both up by 0.4 percent.
In commodities trading, crude oil futures are inching up $0.17 to $41.54 a barrel after edging down $0.14 to $41.37 a barrel on Thursday. Meanwhile, after sliding $6.90 to $1,937.80 an ounce in the previous session, gold futures are dipping $1.80 to $1,936 an ounce.
On the currency front, the U.S. dollar is trading at 106.34 yen versus the 106.19 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1836 compared to yesterday’s $1.1852.
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