The Dow Jones Industrial Average fell 224.09 points, or 0.68 per cent, at the open to 32,773.88.
The S&P 500 opened lower by 18.70 points, or 0.45 per cent, at 4,128.17, while the Nasdaq Composite dropped 70.86 points, or 0.58 per cent, to 12,246.83 at the opening bell. In Canada, the Toronto Stock Exchange’s S&P/TSX composite index was down 38.84 points, or 0.19 per cent, at 20,657.33, at the open.
Nonfarm payrolls increased 428,000 in April, while unemployment held at 3.6 per cent. The labour force participation rate — the share of the population that’s working or looking for work — slumped. That makes the Fed’s job more complicated in trying to bring labour demand in line with supply. While average hourly earnings fell short of economists’ estimates on a monthly basis, they were up 5.5 per cent from a year earlier.
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