Weak Jobs Report Drags Equity Markets Down

MT Newswires Live09-07

US benchmark equity indexes were on course to close lower Friday after official data showed the economy added fewer jobs than estimated in August.

The Nasdaq Composite was down 2.4% at 16,717.4, while the S&P 500 fell 1.6% to 5,415.3. The Dow Jones Industrial Average lost 0.9% to 40,371.3. All sectors were in the red, led by communication services and consumer discretionary.

Total US nonfarm payrolls rose by 142,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 165,000 increase, according to a survey compiled by Bloomberg. The unemployment rate ticked down to 4.2% from July's 4.3%, in line with analysts' estimate for August.

The US two-year yield declined 8.5 basis points to 3.67%, while the 10-year rate dropped 1.4 basis points to 3.72%.

West Texas Intermediate crude oil fell 1.6% to $68.06 a barrel.

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