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S&P 500 and Nasdaq rise after weaker-than-expected jobs data

Non-farm payrolls fell 23,000 in July, and the 10-year Treasury yield slid to 4.63% after the report.

Reported · Written up by our desk · Indices

Wall Street moved higher on Friday after softer-than-expected jobs data reinforced expectations the Federal Reserve is likely to keep interest rates unchanged at its September meeting, according to LiveMint Markets. As of 9:55 a.m. Eastern, the S&P 500 was up 0.4%, the Dow Jones Industrial Average was up 0.2%, and the Nasdaq Composite had gained 1.0%.

At the open, the Dow had dropped 35.8 points, or 0.1%, while the S&P 500 rose 0.3% and the Nasdaq rose 0.7%. The Bureau of Labor Statistics data showed non-farm payrolls fell 23,000 in July, after a combined 103,000 downward revision to May and June figures.

The unemployment rate eased to 4.1% and has been relatively stable in recent months, with labor force growth slowing due to an ageing population and reduced net migration. Sam Stovall of CFRA said concerns about a much stronger jobs report giving the Fed more reasons to raise rates at the September meeting have been removed by the weaker results.

Bond-market pricing also shifted, with the benchmark 10-year Treasury yield falling to 4.63% from 4.67% ahead of the report release, and the 2-year yield slipping to 4.19% from 4.22%. LiveMint Markets also cited strength in chip stocks, including Nvidia up 1.3% and Broadcom up 1.1%.

Latest closeS&P 500 7,709.96 ▼0.2%|Nasdaq Comp. 26,348.35 ▼0.1%|Dow Jones 53,885.10 ▼0.8%

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