S&P 500, Dow slip as monthly jobs growth slows; tech stocks lift Nasdaq | Malay Mail

NEW YORK, Sept 3 — The S&P 500 and the Dow fell today as a slowdown in US jobs growth raised questions about the pace of the economic recovery, while the tech-heavy Nasdaq jumped as the report also calmed fears of an imminent tapering in monetary policy.

“The number’s a big disappointment and it’s clear the Delta variant had a negative impact on the labour economy this summer,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. The labour market remains the key touchstone for the Fed, with Chair Jerome Powell hinting last week that reaching full employment was a pre-requisite for the central bank to start paring back its asset purchases.

Technology heavyweights, including Apple, Alphabet, and Facebook, rose as much as 0.4 per cent. Tech stocks tend to perform better in a low interest-rate environment.

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Herkunft: malaymail - 🏆 1. / 86 Weiterlesen »