Nasdaq posts worst week since March as tech shares slide

Stocks fell Friday, extending declines after a selloff a day earlier led the S&P 500 to its worst single-session drop in nearly three months.

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While ending the day off the lows of the session, each of the three major indices posted steep declines for the week, as Thursday’s rout took out gains from earlier sessions this week. The S&P 500 ended the week 2.3% lower, the Dow fell 1.8% and the Nasdaq dropped nearly 4% for its worst week since March.

The Nasdaq underperformed especially on the day, falling as much as 5% intraday Friday before paring losses, as tech stocks continued to lag. The index on Thursday had dipped back below 12,000, after crossing that threshold for the first time every just a day earlier. Apple (AAPL) shares steadied after an 8% drop on Thursday. Amazon (AMZN) and Zoom Video Communications (ZM) – both darlings of the

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Unemployment falls to 8.4 percent as employers add 1.4 million jobs in August

WASHINGTON (AP) — The U.S. unemployment rate fell sharply in August to 8.4% from 10.2% even as hiring slowed, with employers adding the fewest jobs since the pandemic began.



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Employers added 1.4 million jobs, the Labor Department said Friday, down from 1.7 million in July. The U.S. economy has recovered about half the 22 million jobs lost to the pandemic.

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Friday’s report from the Labor Department added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery. From small businesses to hotels, restaurants, airlines and entertainment venues, a wide spectrum of companies are struggling to survive the loss of customers with confirmed viral cases still high.

After an epic collapse in the spring, when the economy shrank at a roughly 30% annual rate, growth has been rebounding as states have reopened at least parts of

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FOREX-Dollar dips as market recovers from weak U.S. jobs data

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (New throughout)

By Kate Duguid

LONDON, Sept 4 (Reuters) – As risk assets recovered on Friday afternoon, the safe-haven U.S. dollar dipped, retracing gains made on safe-haven demand following a Labor Department report that job growth slowed further in August, threatening the economy’s recovery from the COVID-19 pandemic.

Employment slowed and permanent job losses increased as programs to help businesses pay wages have lapsed or are on the verge of ending. Economists credited government largesse for the sharp rebound in economic activity after it nearly ground to a halt following the shuttering of businesses in mid-March.

The dollar index rallied to its highest in a week following the report. But those gains were erased on Friday afternoon as U.S. stock indexes recovered after earlier hitting their lowest level in a month.

The dollar index was lower on the day, last trading down

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Big-Tech Slump Drags U.S. Stocks to Two-Week Low: Markets Wrap

(Bloomberg) — U.S. stocks bounced back from a sharp selloff but still closed at a two-week low as megacap tech shares sold off.

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Losses for Amazon.com, Microsoft Corp. and Facebook Inc. pushed the tech-heavy Nasdaq 100 down more than 5% at one point, though it pared those declines to just over 1% as the day wore on and investors spotted bargains. Gains in financial shares limited losses in the S&P 500 Index, which ended the week down 2.3% at the lowest level since Aug. 21.

Treasury yields jumped while the dollar slipped. Oil fell below $40 a barrel to reach the lowest since late June.

The worst of Friday’s stock selloff appeared to stem from concern that the recent run-up in tech shares wasn’t tied to broad investor sentiment, but instead was driven by outsize options trades from one firm. The Financial Times reported that SoftBank bought billions

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

MARKET SNAPSHOT



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Stocks finished with losses but off session lows in choppy trade on Wall Street on Friday, with some previously unloved sectors finding support as technology and other highflying segments felt the pressure of continued profit-taking.

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U.S. markets on Monday will be closed in observance of Labor Day, a factor that might have added to market volatility by sapping volume in the run-up to the long holiday weekend.

How did stock-market benchmarks perform?

The Dow Jones Industrial Average (DJIA) closed 159.42 points lower, down 0.6%, at 28133.31, after falling 628 points at its session low. The blue-chip gauge bounced in the final hour of trading, briefly pushing back into positive territory before falling back. The S&P 500 index (SPX) dropped 28.10 points, or 0.8%, to finish at 3,426.96, while the Nasdaq Composite Index (COMP) declined 144.97 points, or 1.3%, to end at 11,313.13. The

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U.S. economy gained 1.4 million jobs last month, unemployment rate falls to 8.4 percent

The economy added around 1.4 million jobs last month, reflecting a slow return to labor market growth, according to data released on Friday by the Bureau of Labor Statistics.





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The unemployment rate fell into the single digits for the first time since the pandemic began, dropping from 10.2 percent to 8.4 percent, the monthly report showed. Before the coronavirus’ stranglehold on the economy, the rate was at 3.5 percent, the lowest in five decades.

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The August data indicates a halting recovery of the more than 22 million jobs lost since March, with July’s revised total of 1.73 million gains and June’s addition of 4.8 million positions.

“We have had three huge months of job gains, but so far have regained less than half of the losses in March and April,” said Dan North, senior economist at Euler Hermes North America. “Job gains so

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US stocks stage huge comeback, still close lower in volatile post-jobs-report session



a man wearing a suit and tie talking on a cell phone: Spencer Platt/Getty Images


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Spencer Platt/Getty Images

  • US stocks ended Friday lower, even after the August jobs report showed strong job additions and a better-than-expected unemployment rate.
  • Major indexes were dragged lower by their most heavily weighted tech stocks for a second straight day.
  • Megacap tech names like Amazon, Microsoft, and Alphabet led declines.
  • Visit Business Insider’s homepage for more stories.

US stocks closed lower to cap off a volatile session. Major indexes dove shortly after the market open, only to stage a sharp recovery in the afternoon before drifting lower once to end the day.

The losses came amid reports that the Japanese conglomerate SoftBank was responsible for buying market-moving chunks of megacap tech stocks over the past several months. Names like Amazon, Microsoft, and Google were among the biggest drags on major indexes Friday.

Traders also weighed the August jobs report. The US added 1.37 million jobs in

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The downside of a strong jobs report? Less urgency for stimulus checks and enhanced unemployment benefits

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Call it a good news/bad news situation.

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When the Senate passed the $2.2 trillion CARES Act stimulus package by a 96-0 vote on March 25, the economy was in free fall. The S&P 500 stood at 2,475 points, and a record 6.9 million jobless claims were filed that week. Economists were talking about Great Depression 2.0.

But this time around, stimulus negations are happening with the backdrop of an improving economy. And that is reducing the political pressure for Republican and Democratic leaders to comprise.

On Friday we learned the unemployment rate dropped from 10.2% in July to 8.4% in August. That soundly beat Goldman Sachs’ estimate of 9.8%. And the U.S. added—or we should say regained—1.4 million jobs in August.

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FOREX-Dollar holds tight ahead of key U.S. jobs data

* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E

* Analysts are bearish on U.S. dollar

* Aussie supported by retail sales data

* Traders await non-farm payrolls

By Stanley White

TOKYO, Sept 4 (Reuters) – The dollar steadied against major currencies on Friday as traders awaited key U.S. jobs data that will shed light on the strength of economic recovery from the coronavirus outbreak.

The euro was in focus before data on German industrial orders, which could provide more clues about the health of the euro-zone economy.

The greenback has managed to halt its recent slide, but analysts warn sentiment remains weak due to concern about the strength of U.S. economic growth and speculation that the Federal Reserve will keep rates low for a very long time.

“The dollar has rebounded against the euro and could continue to rise a little further,” said Junichi Ishikawa, senior foreign exchange strategist at

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CANADA FX DEBT-Canadian dollar firms as jobs gain supports ‘recovery story’

* Canadian dollar rises 0.2% against the greenback * Canada added 245,800 jobs in August * Price of U.S. oil decreases 0.5% * Canadian bond yields rise across a steeper curve TORONTO, Sept 4 (Reuters) – The Canadian dollar edged higher against its broadly stronger U.S. counterpart on Friday as domestic jobs data added to evidence of economic recovery, with the currency clawing back some of its prior day’s sharp decline. The loonie was trading 0.2% higher at 1.3104 to the greenback, or 76.31 U.S. cents. The currency, which on Tuesday notched a near eight-month high at 1.2990, traded in a range of 1.3077 to 1.3140. For the week, the loonie was on track to dip 0.1% after posting on Thursday its biggest decline in over two months. Canada added 245,800 jobs in August, most of them full-time, and the unemployment rate fell to 10.2% as the economy continued to

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