Stocks drop after big jobs lost, oil hits $ 80 level



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U.S. stock indexes fell on Friday after September’s employment data fell below estimates and after the Senate passed a short-term increase in the debt limit.

The Dow Jones Industrial Average lost 8 points, or 0.02%, while the S&P 500 Index and the Nasdaq Composite Index fell 0.19% and 0.51% respectively.

Teleprinter Security Last Switch Switch %
Me: DJI MEDIUM DOW JONES 34746.25 -8.69 -0.03%
SP500 S&P 500 4391.34 -8.42 -0.19%
I: COMP NASDAQ COMPOSITE INDEX 14579.537317 -74.48 -0.51%

For the week, the top three averages posted gains, with the Dow Jones gaining more than 1%.

The non-farm payroll rose by 194,000 workers in September as the unemployment rate fell to 4.8%, the Labor Department said on Friday. Economists polled by Refinitiv expected the addition of 500,000 new jobs and the unemployment rate to drop to 5.1%. Jobs earnings in August were revised to 366,000 from 235,000.

The disappointing report comes hours after the Senate passed a measure that would raise the debt ceiling by $ 480 billion, giving the Treasury enough money to pay the bills until Dec. 3. A House vote is expected in the coming days.

THE SENATE VOTE TO LIFT THE $ 480 BILLION DEBT CEILING

The developments prompted traders to sell US Treasuries, with the yield on the 10-year note rising 3 basis points to 1.6%, a four-month high.

In equities, technology and other growth sectors underperformed as bond yields rose.

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AMZN AMAZON.COM, INC. 3288.62 -13.81 -0.42%
AAPL APPLE INC. 142.90 -0.39 -0.27%
MSFT MICROSOFT CORP. 294.85 0.00 0.00%

Vaxart Inc.’s oral COVID-19 vaccine candidate reduces airborne transmission of the virus in an animal model, according to a study conducted by Duke University. The actions of other vaccine makers, including Moderna Inc., have taken the news with enthusiasm.

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VXRT VAXART 6.99 -0.10 -1.41%
MRNA MODERN, INC. 304.91 -4.45 -1.44%

Tesla Inc. will move its headquarters to Austin, Texas, from Palo Alto, Calif., CEO Elon Musk said Thursday. Still, the electric car maker plans to ramp up production at its plants in California and Nevada.

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TSLA TESLA, INC. 785.49 -8.12 -1.02%

In connection with transactions, the insurer Chubb Ltd. has agreed to purchase the life, accident and supplementary benefits business of Cigna Corp. in Asia-Pacific and Turkey for $ 5.75 billion.

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CB CHUBB LTD. 182.78 +4.46 + 2.50%
THE CIGNA CORP. 205.18 +0.47 + 0.23%

In commodities, West Texas Intermediate crude hit $ 80 intraday before closing at $ 1.05 at $ 79.35 per barrel, its highest level in seven years. Gold, meanwhile, slipped $ 1.60 to $ 1,756.30 an ounce.

Overseas markets were marked by weakness in Europe and strength in Asia.

European stock markets fell slightly, with the German DAX 30 losing 0.29% and the French CAC 40 slipping 0.61%. The UK FTSE 100 gained 0.25%,

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In Asia, Hong Kong’s Hang Seng index gained 0.55%, China’s Shanghai Composite gained 0.67% and Japan’s Nikkei 225 gained 1.34%.

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