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Stock market today: Stocks open higher after jobs report shows more cooling

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Nasdaq Composite Notizia

Jobs Report,Dow Jones Industrial Average,Unemployment Rate

The pivotal August jobs report will provide clues to the size of the Fed's rate cut this month and the health of the economy.

US stocks opened higher on Friday as investors digested a crucial jobs report that provided clues to the size of this month's expected interest rate cut and the resilience of the US economy. Tech stocks reversed earlier losses, with the Nasdaq Composite up about 0.2% in early trading. The S&P 500 and Dow Jones Industrial Average were also up around 0.2% each. The US economy added 142,000 jobs in August, which trailed expectations for about 165,000 jobs added.

The report shifted expectations for the Fed to enact a more sizable rate cut at its meeting in less than two weeks. According to the CME FedWatch tool, traders see a 50-50 chance of a 50 basis point cut, which was up significantly from Thursday. Despite anemic closes, stocks have whipsawed this week as the market assessed incoming economic data to set expectations on the size of the Fed's rate cut. All three indexes are set for significant weekly declines.

 

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