Stocks Open Flat After Jobs Report, S&P 500 Heads for Worst Week Since April
Stocks were little changed Friday as investors assessed a weaker-than-expected August jobs report and its implication on U.S. monetary policy.
The S&P 500 traded just 0.1% higher along with the Nasdaq Composite. The Dow Jones Industrial Average rose 46 points, or 0.1%.
August's jobs report showed payrolls grow by 142,000 last month, in another sign of a slowing labor market. Economists polled by Dow Jones expected a gain of 161,000. However, the unemployment rate edged down to 4.2%, in line with expectations.
"August payroll data indicate risks are rising as the labor market is clearly softening, and the Fed needs to step in to cut off tail risks," said Sonu Varghese, global macro strategist at Carson Group. "The report seals the deal for a September rate cut, but the big question really is whether the Fed goes big (by cutting 50 bps) to get in front of rising risks."
Source : CNBC
