Stock Market Coverage – Friday August 5 Yahoo Finance

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Stocks opened Friday’s trading session lower following a stronger-than-expected July jobs report.

Shortly after the opening bell, the Nasdaq was down 1.3%, the S&P 500 off 1%, and the Dow down 0.6%.

In July, the U.S. economy added 528,000 jobs as the unemployment rate fell to 3.5%. Economists expected job growth would total just 250,000 last month.

The market’s reaction to this data suggests traders see this report keeping the Federal Reserve on track to continue with aggressive rate hikes, likely increasing rates by 0.75% in September after raises of this magnitude in June and July.

Since mid-June, stocks have rallied as investors grew optimistic a potential "pivot," or a slowdown in the pace of rate hikes from the Fed, could be coming in the months ahead.

Investors will also keep an eye on energy markets, with WTI crude oil prices — the U.S. benchmark — falling below $89 a barrel on Thursday to their lowest levels since early February.

The price of gas in the U.S. has now declined for 50 straight days. Early Friday, the price of crude oil was lower still, falling below $88 a barrel to as low as $87.43.

The U.S. 10-year note yield was also surging early Friday, rising as high as 2.80%, up more than 25 basis points from lows reached earlier this week.

A move higher in yields on Friday following the jobs report is another sign investors expect further rate hikes from the Fed.

The yield curve also continues to move into a deeper inversion, with the spread between 2-year and 10-year yields reaching as wide as 41 basis points, or 0.38%, on Friday morning, the largest since 2000.

Earnings season also continues to roll along even as the market’s largest companies mostly reported results over the last week.

Shares of Block (SQ), Virgin Galactic (SPCE), and Beyond Meat (BYND) were all trading lower in early trade on Friday following results out last night.

On the flip side, shares of Lyft (LYFT) were up more than 8% after the company’s results topped expectations.

For more on this article, please visit:https://finance.yahoo.com/news/stock-market-live-updates-august-5-114452395.html

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