Dow Jones| Nasdaq | US Stock Market Today | Live: S&P 500 closes at record as weak jobs data cools rate-hike fears
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Business News›Markets›US Stocks›News›Dow Jones| Nasdaq | US Stock Market Today | Live: S&P 500 closes at record as weak jobs data cools rate-hike fears LIVE BLOG Synopsis Dow Jones Today | US Stock Market Live: US stocks advanced on Friday, with the S&P closing at a record high to cap off a strong week of gains for the major indexes, after data showed the U.S. economy unexpectedly shed jobs last month and dampened expectations the Federal Reserve would raise interest rates at its September meeting. Dow Jones Today | Nasdaq | S&P 500 Live Updates: The S&P 500 gained 46.48 points, or 0.60%, to end at 7,756.44 points, while the Nasdaq Composite gained 338.81 points, or 1.29%, to 26,690.62. The Dow Jones Industrial Average rose 151.33 points, or 0.28%, to 54,036.43. 1 New Update - The 2-year note yield, which typically moves in step with Fed interest-rate expectations, fell 4.35 basis points to 4.202% and reached 4.1536%, the lowest since July 17. - The yield on benchmark U.S. 10-year notes fell 1.44 basis points to 4.656%. - The yield curve between 2- and 10-year notes steepened to 46 basis points. Oil prices gained on Friday as markets assessed a pending agreement between Iran and Oman that would set rules for transit of the Strait of Hormuz. Brent crude futures were up 93 cents, or 1.14%, at $83.42 a barrel at 1:14 p.m. CDT (1814 GMT). West Texas Intermediate futures rose 96 cents, or 1.24%, to $78.25. The Trump administration is moving ahead with its efforts to fire Federal Reserve governor Lisa Cook, two months after the Supreme Court allowed her to retain her job while she fights the president’s effort to terminate her over mortgage fraud allegations that she has denied. The justices, in a 5-4 decision in June, said Cook, who was nominated to the Fed’s Board of Governors by President Joe Biden, could remain in her post at least as long as her lawsuit challenging her firing goes on. The Trump administration is appealing a lower-court ruling in Cook's favor. Federal Reserve Bank of Richmond President Thomas Barkin said on Friday that pricing power depends on the sector dealing with increased input costs. Barkin, speaking in a video presentation held by the National Association for Business Economics, said firms in the business-to-business sector have pricing power, while firms selling to consumers do not. Weak July job market data on Friday drove financial markets to downgrade what had been strong expectations that the U.S. central bank will raise rates next month, after a week in which several Fed officials made the case for lifting rates to tackle stubborn inflation. Following the data release, futures markets flipped the odds of a rate hike at the September 15 to 16 Federal Open Market Committee meeting from likelier-than-not to a worse-than-even chance, and are split on where the Fed will end up by year's end. (Read) U.S. hiring data for July drove financial markets to lower forecasts for the U.S. central bank raising its interest rate target at September's Federal Open Market Committee meeting, after a week in which several Fed officials made the case for lifting rates to tackle stubborn inflation. Futures markets put at less than even odds of a rate hike at the next FOMC meeting and are split on where the Fed will end up by the end of the year after data showed the U.S. economy lost 23,000 jobs in July amid a modest decline in the unemployment rate to 4.1% from June's 4.2%, although that shift was driven by the less positive move of workers out of the labor force. Under Armour on Friday forecast a bigger drop in annual revenue, underscoring the challenge of reviving growth as cautious consumers in North America rein in spending on athletic apparel amid persistent inflation and economic uncertainty. The challenges come as shoppers increasingly gravitate toward newer and more innovation-focused brands such as On and Hoka, intensifying competition for established players, including Nike, Adidas and Under Armour that are working to reignite growth. Celsius Holdings is facing pressure from Rockstar Energy founder Russ Savage, who has amassed a nearly 5% stake in the energy drink maker and is calling for the replacement of its top leadership, CNBC reported on Friday. Savage, who founded Rockstar in 2001 and sold the energy drink brand to PepsiCo for $3.85 billion in 2020, now controls more than 12 million shares of Celsius, representing about 4.7% of the company, he told CNBC. Savage also told CNBC he would be willing to take over as chief executive of Celsius, arguing that the company's current leadership had lost credibility with investors. Global stocks headed for their strongest weekly gain since May after a weaker-than-expected U.S. jobs report eased fears of an imminent Federal Reserve rate hike, while strong earnings and AI enthusiasm outweighed concerns about the Iran war. U.S. stocks rose on Friday, led by technology and consumer discretionary shares, and Treasury yields fell, reflecting ebbing expectations that the Fed will raise rates at next month's meeting. Among major gainers around midday were SpaceX, up 12% on Friday and 19% for the week despite a large share lockup having been lifted on Thursday, and Tesla, up 3.8% for the day and 6.4% for the week. Shares of ResMed dropped about 6% in morning trade on Friday after the medtech company forecast fiscal 2027 revenue below Wall Street expectations, impacted by suspended ventilator sales and cost pressures. ResMed said it would suspend sales of its Astral ventilators, used by patients who require acute or long-term life-support, following a device correction and FDA recall tied to five serious injuries last week. A U.S. federal appeals court ordered President Donald Trump’s administration on Friday to stop construction on a $400 million ballroom on the site of the White House's demolished East Wing, dealing the Republican leader a major setback in a case testing his presidential authority. "Each President is a temporary tenant, not the owner, of the White House" and cannot fundamentally reshape it without congressional approval, the Washington-based U.S. Court of Appeals for the District of Columbia Circuit said in a 2-1 opinion. Federal Reserve Bank of Richmond President Thomas Barkin said on Friday that pricing power depends on the sector dealing with increased input costs. Barkin also reaffirmed that the Fed will get inflation back to 2% but he did not say how or when that will happen. Gold surged on Friday, hitting its highest in seven weeks, after an unexpected drop in U.S. nonfarm payrolls for July dashed rate-hike hopes and set bullion on course for its best week in seven months. Spot gold jumped 2.4% to $4,341.69 per ounce by 10:57 a.m. EDT (1457 GMT), having surged over 3% to its highest since June 17. - US employers unexpectedly cut 23,000 jobs in July, versus forecasts for nearly 100,000 additions. May and June payrolls were revised down by a combined 103,000. - The unemployment rate fell to 4.1%, largely because people left the workforce, signalling underlying weakness in the labour market ahead of the midterm elections. - Local public schools shed 50,000 jobs, while restaurants and bars cut 26,000 positions and retailers eliminated 19,000. New Mexico state court ordered Meta on Thursday to pay $567 million into a teen mental health fund and change how its platforms function for young users after finding the company is to blame for harming children's wellbeing. US natural gas futures climbed about 2% on Friday on a small rise in flows to liquefied natural gas (LNG) export plants in recent days. Front-month gas futures for September delivery on the New York Mercantile Exchange were last 4.4 cents, or 1.7%, higher at $2.684 per million British thermal units (mmBtu). The Dow Jones Industrial Average fell 35.8 points, or 0.07%, at the open to 53849.26. The S&P 500 rose 25.2 points, or 0.33%, at the open to 7735.18, while the Nasdaq Composite rose 186.3 points, or 0.71%, to 26534.66 at the opening bell. Copper steadied above the $14,000 mark on Friday as supply concerns and tight inventories left the metal on course for its strongest week in almost three months, as traders awaited news from a mining roundtable called by U.S. President Donald Trump. Benchmark three-month copper on the London Metal Exchange edged down 0.1% to $14,090 a metric ton in official open outcry activity. It was still set to finish the week up 2.2% for its sixth consecutive weekly gain and the biggest since the week to May 8. Short-term Treasury yields, a reflection of short-term interest rate expectations, hovered above 4% as crude prices inched up above $83 a barrel, adding to inflation concerns. Atlassian and Microchip Technology surged in premarket trading after both companies forecast quarterly revenue above Wall Street estimates. The gains supported a strong week for U.S. stocks, with the S&P 500 and Dow headed for their best weekly performance since April and the Nasdaq on track for its biggest advance since May. The Labour Department will release the nonfarm payrolls figures for July at 8:30 a.m. ET, with the economy expected to have added 80,000 jobs, up from the 57,000 the previous month. The unemployment rate and average annual earnings are expected to stay steady from the month before at 4.2% and 3.5%, respectively. The Federal Reserve’s limited forward guidance under new Chair Kevin Warsh has increased the importance of economic data and policymakers’ remarks. Traders now see nearly even odds of a September rate hike or no change, compared with a 63% probability of an increase last week, according to the CME FedWatch Tool. 6:01 PM US stock futures edged higher on Friday as investors awaited a key employment report that could shape the Federal Reserve’s monetary-policy outlook. Upbeat forecasts from Microchip Technology and Atlassian also supported sentiment. At 6:56 a.m. ET, Dow futures rose 27 points, or 0.05%, while S&P 500 futures gained 0.14% and Nasdaq 100 futures advanced 0.39%.
document fetched 2026-08-08 06:47