Markets slide on weak jobs report
Markets in New York and Toronto extended Thursday’s losses after more weak U.S. economic data was released, this time a jobs report that showed hiring was slowing more than expected. Investors now fear that the U.S. Fed has kept interest rates high for too long, though Jay Powell just signaled he would start cutting in September. Stocks slid across the board, led once more by tech. The Nasdaq closed Friday -2.65% or 450 points and -3.455% for the week. The S&P closed -2% and a little more than that over the week, while the Dow tanked 600 points or -1.69% for the session and -2.25% over the week. At the same time, the U.S. 10-year yield tumbled to 3.79%.
The most active names were Nvidia at -2.79% which faded after Intel reported a disappointing quarter and its own shares tanked 27%. Amazon also reported and closed -9.47% while Apple rose 1.7% after a positive quarter. Clorox was one of the few gainers, jumping 6.95%. Bitcoin fell 4.2% to US$62,500.
The TSX closed -2.6% on Friday and slightly less for the week. Most active: Baytex -8.01%, Denison Mines -8.68%, Suncor -4.66%, Lightspeed -9.41% and Celestica -8.08%. Energy was particularly weak after WTI shed over 3% to trade below US$74 as gold held around US$2,480.
💾 NVIDIA Corporation (NVDA-Q) -2.79%
💾 Intel (INTC-Q) -27%
📦 Amazon.com, Inc. (AMZN-Q) -9.47%
🍎 Apple Inc (AAPL-Q) +1.7%
🧴 Clorox Company (CLX-N) +6.95%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4.2%
🛢 Baytex Energy Corp (BTE-T) -8.01%
⛏ Denison Mines Corp (DML-T) -8.68%
🛢 Suncor Energy Inc (SU-T) -4.66%
💾 Lightspeed Commerce Inc (LSPD-T) -9.41%
🧬 Celestica Inc (CLS-T) -8.08%
