After Thursday Selloff And In-Line Jobs Report, Eyes On Tech Sector, “Reopening” Stocks

Right on the money.

That’s how you can sum up today’s payrolls report from the Department of Labor, which showed job growth of 1.4 million in August.  While down from around 1.7 million in July, the headline figure was exactly in line with Wall Street’s estimates. 

The data appeared to provide some early support to the major indices. Maybe some of yesterday’s heavy selling reflected people worrying about a possible bad number. Growth of 1.4 million is strong by historic standards and suggests the economy continues to recover from the crisis, but there’s definitely been a slide over the last few months. Growth was more than 4 million in June. 

What’s really surprising is the unemployment rate falling from double digits all the way down to 8.4%, something few if anyone had expected. An increase in government hiring for census workers might have played into that. Also, the number of

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Wall Street sinks as tech sell-off continues

(Reuters) – Wall Street’s main indexes extended declines on Friday, with the Nasdaq on track for its worst two-day fall since March as technology stocks sold off again, overshadowing data showing a steeper-than-expected drop in the August unemployment rate.

FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid

The tech-heavy Nasdaq lost over 4% and the S&P 500 dropped below its February peak, as the indexes lost ground for the second straight day after hitting record closing highs on historic stimulus and a narrow rally in heavyweight technology stocks.

Mega-cap companies Apple Inc, Microsoft Inc, Amazon.com Inc and Facebook Inc, which were down between 4.5% and 5.9%, weighed heavily on the indexes.

“It’s just position squaring … not surprising since we’ve seen a pretty sizable run up in the tech space in the

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