Business News –
U.S. equity markets moved Friday early morning as Congressional gridlock on a brand-new COVID-19 relief plan and growing stress with China eclipsed better-than-expected tasks growth.
The Dow Jones Industrial Average fell 110 points, or 0.4 percent while the S&P 500 and the Nasdaq Composite dropped 0.15 percent and 0.16 percent respectively. A greater close for the S&P would extend its winning streak to 6, the longest since April 2019.
|I: DJI||DOW JONES AVERAGES||2735895||-2803||-0.10%|
|I: COMP||NASDAQ COMPOSITE INDEX||11063986562||-4408||-0.40%|
Taking a look at the economy, U.S. payrolls included 1.763 million workers in July as the joblessness rate fell to 10.2 percent, the Labor Department stated Friday. Wall Street experts surveyed by Refinitiv were anticipating the addition of 1.6 million jobs to push the joblessness rate to 10.5 percent.
Leaders on Capitol Hill remain far apart on a variety of crucial concerns, making it unlikely a deal for a new COVID-19 relief package will be reached before Congress goes on recess Friday night until Sept. 8.
In international news, President Trump on Thursday evening issued an executive order stating TikTok, a social networks app owned by Chinese tech company ByteDance Ltd. that collects information from its users, would be prohibited in 45 days if it is not sold to a U.S. business.
Chinese companies sold the U.S., including Alibaba, Baidu and Tencent Music, were all trading lower.
|BABA||ALIBABA GROUP HOLDING LTD||25266||-1302||-4.90%|
|TME||TENCENT MUSIC HOME ENTERTAINMENT GROUP||1597||-0.59||-3.59%|
Elsewhere, Apple shares remain in focus as the company continues its mission to end up being the world’s second business to reach a $2 trillion market capitalization. The stock needs to hit $46777 to do so.
|UBER||UBER TECHNOLOGIES INC.||3288||-1.82||-5.26%|
|Z||ZILLOW GROUP INC||8324||1182||1654%|
In incomes, Uber Technologies lost $1.78 billion in the 3 months through June as the COVID-19 pandemic led to its food-delivery service generating more earnings than its ride-sharing business for the very first time.
Zillow reported better-than-expected top- and bottom line results as the work-from-home environment has caused people to reassess their living arrangements. The company, which saw profits spike 28 percent from a year ago, has resumed its organisation of buying and offering homes and currently has an inventory of440
Taking a look at commodities, West Texas Intermediate petroleum fell 55 cents to $4140 per barrel while gold dropped $1220 to $2,05720 an ounce.
U.S. Treasurys slipped, causing the yield on the 10- year note to climb up 1 basis point to 0.546 percent.
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European markets were mixed, with Germany’s DAX up 0.57 percent while Britain’s FTSE and France’s CAC were fractionally lower.
In Asia, Hong Kong’s Hang Seng led the decline, falling 1.6 percent, while China’s Shanghai Composite slid 0.96 percent and Japan’s Nikkei shed 0.39 percent.