Stock market news live updates: Stocks open lower, July jobs report surprises to the upside

Market Trading EssentialsAugust 7, 2020

3 minutes read

Stocks declined Friday morning as investors absorbed a July jobs report that narrowly beat expectations, and momentarily tempered fears about a recovery losing momentum as the coronavirus outbreak strengthens its hold on the world.

1.48 million new positions in July. The number of jobs added was down from the record 4.8 million added during June, however.

Debates in Washington, D.C., over another round of virus-related relief measures are set to continue, with lawmakers signaling they will be unlikely to hit their previous self-imposed deadline of hashing out a deal by the end of this week.

FB), Apple (AAPL) and Amazon (AMZN) closed at records. The S&P 500 ended just 1.1% below its record closing high from February 19.

have remained historically elevated, but improved to a pandemic-era low of 1.19 million last week.

Elsewhere in markets, gold paused its advance but hovered above $2,000 per ounce as investors still sought out safe haven assets but fretted over low-yielding Treasuries.

UBER) on Thursday reported its first-ever year over year decline in revenue as the coronavirus pandemic wiped out demand for rides. Gross bookings in the company’s food delivery business more than doubled to overtake bookings in its ride-hailing business for the first time. However, the recently public company reaffirmed that it expected to hit adjusted EBITDA profitability in 2021. Shares of Uber were lower in late trading.

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Here were the main moves in markets, as of 9:34 a.m. ET:

S&P 500 (^GSPC): -8.32 (-0.25%) to 3,340.84

Dow (^DJI): -78.96 (-0.29%) to 27,308.02

Nasdaq (^IXIC): -22.4 (-0.21%) to 11,084.72

Crude (CL=F): -$0.43 (-1.03%) to $41.52 a barrel

Gold (GC=F): -$2.20 (-0.11%) to $2,067.20 per ounce

10-year Treasury (^TNX): -1 bp to yield 0.526%

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showed nearly 1.8 million jobs were created last month, ahead of Wall Street’s consensus forecasts and defying a wide berth of economist estimates.

bolstered by what the Labor Department said was a reflection of “continued resumption of economic activity that had been curtailed” due to lockdowns.” data-reactid=”42″>The unemployment rate also fell to 10.2%, bolstered by what the Labor Department said was a reflection of “continued resumption of economic activity that had been curtailed” due to lockdowns.

Stock futures are paring losses as traders absorb the data, but are still lower after Thursday’s rally.

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7:22 a.m. ET Friday: Stock futures extend overnight losses, pointing to a lower open

Here were the main moves in markets, as of 7:23 a.m. ET:

S&P 500 futures (ES=F): 3,332.75, down 11.5 points, or 0.34%
Dow futures (YM=F): 27,185.00, down 100 points, or 0.37%
Nasdaq futures (NQ=F): 11,218.00, down 43.25 points, or 0.38%
Crude (CL=F): -$0.30 (-0.72%) to $41.65 a barrel
Gold (GC=F): -$0.70 (-0.03%) to $2,068.70 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 0.531%

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6:09 p.m. ET Thursday: Stock futures open slightly lower

Here were the main moves in equity markets, as of 6:09 p.m. ET:

S&P 500 futures (ES=F): 3,341.25, down 3 points, or 0.09%
Dow futures (YM=F): 27,265.00, down 20 points, or 0.07%
Nasdaq futures (NQ=F): 11,255.00, down 6.25 points, or 0.06%

NEW YORK, NEW YORK – MARCH 10: A man in a medical mask walks by the New York Stock Exchange (NYSE) on March 10, 2020 in New York City. After losing nearly 8 percent in a market rout yesterday, the Dow Jones Industrial Average was up over 700 points in morning trading as investors look to a possible tax cut and other measures by the Trump administration to combat the coronavirus. (Photo by Spencer Platt/Getty Images)

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