Stock market today: Wall Street slips following mixed reports on US job market, Big Tech earnings
Stocks closed lower following mixed reports about the U.S. job market and profits at two of Wall Street's most influential stocks
NEW YORK — Stocks closed lower following mixed reports about the U.S. job market and profits at two of Wall Street’s most influential stocks. The S&P 500 fell 0.5% Friday, its fourth straight loss. The Dow Jones Industrial Average lost 150 points, or 0.4%, and the Nasdaq composite fell 0.4%. Treasury yields sank after the government said hiring was a touch weaker last month than expected. That could help keep pressure off high inflation. Amazon jumped after reporting a much bigger profit than expected. Apple slumped after reporting revenue that just barely topped forecasts.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks are slipping Friday following mixed reports about the U.S. job market and profits at two of Wall Street’s most influential stocks.
The S&P 500 was 0.4% lower in late trading and on track for a fourth straight loss. The Dow Jones Industrial Average also lost an earlier gain and was down 123 points, or 0.3%, at 35,02 with half an hour remaining in trading. The Nasdaq composite was 0.2% lower.
Treasury yields dropped after a highly anticipated U.S. jobs report said hiring was a touch weaker last month than economists expected, though wages for workers rose more than forecast.
The job market is in a precarious place, where investors want a reading that’s neither too hot nor too cold. On one hand, investors want it to remain strong enough to keep the economy out of a long-predicted recession. On the other, they don’t want wage growth in particular to be so strong that the Federal Reserve sees it putting upward pressure on inflation.
Friday’s reading offered
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