US stocks end mostly down as market awaits employment update
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Traders working on the floor of the New York Stock Exchange, during afternoon trading on Sept 5.
PHOTO: AFP
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NEW YORK - Wall Street stocks were under pressure for a third straight session on Sept 5 after digesting mixed economic data while it looks ahead to a key labour market report.
Stocks “struggled to get traction ahead of a very important jobs report tomorrow,” said Mr Angelo Kourkafas, of Edward Jones. “Investors are cautious of taking on more risk given the market’s sensitivity of what we might learn tomorrow.”
Friday’s Department of Labour data comes as other data suggest a US economy that is slowing but not necessarily heading into a recession; a weak jobs report could challenge that view.
Analysts have estimated that the Sept 6 jobs data will show the US economy added 165,000 jobs while unemployment will dip slightly to 4.2 per cent.
The Dow Jones Industrial Average finished on Sept 5 down 0.5 per cent at 40,755.75.
The broad-based S&P 500 declined 0.3 per cent to 5,503.41, while the tech-rich Nasdaq Composite Index gained 0.3 per cent to 17,127.66.
Data released on Sept 5 from payroll firm ADP showed private sector employment rose by 99,000 in August, well below the 150,000 estimated by analysts.
Meanwhile, the Institute for Supply Management’s services index crept up to 51.5 per cent in August from 51.4 per cent in July, slightly topping estimates.
Among individual companies, Frontier Communications Parent fell 9.5 per cent on Sept 5 after agreeing to be acquired by Verizon for US$20 billion (S$26 billion).
Verizon, which said Frontier’s fibre internet assets will enhance its broadband capacity, dipped 0.4 per cent.
Tesla jumped 4.9 per cent after announcing plans to launch its “full self-driving” technology in Europe and China early in 2025, pending regulatory approval.
JetBlue advanced 7.2 per cent as it lifted its third-quarter revenue target, citing strong bookings, particularly in the Latin America region, and a boost due to rebookings from a rival carrier that experienced technology outages. AFP
