FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
61,509,057Confirmed
1,441,283Deaths
42,555,630Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
US Stock Markets

The major U.S. stock indexes put in a mixed performance on Wall Street on Friday with the benchmark S&P 500 Index and the blue chip Dow Jones Industrial Average ending flat to slightly higher on the day while the tech-heavy NASDAQ Composite closed lower.

Traders said the catalyst behind the mixed performance was the U.S. Non-Farm Payrolls report which showed a sharp slowdown in U.S. employment growth. Also contributing to the two-sided trade were investor concerns lawmakers would not be able to agree on another fiscal stimulus bill to bolster the economy from a coronavirus-induced recession.

Advertisement

In the cash market on Friday, the S&P 500 Index settled at 3351.28, up 2.12 or +0.07%. The Dow Jones Industrial Average closed at 27433.48, up 46.50 or +0.19% and the NASDAQ Composite finished at 11018.98, down 97.09 or -1.02%.

Defensive Sectors Rise, Value Stocks Gain

With the benchmark S&P 500 Index now about 1.5% below its record high, defensive sectors including utilities and real estate were among the gainers. Tech-related stocks, which have fueled a Wall Street rally since March, posted the biggest declines and helped push the NASDAQ Composite down more than 1% during the session, Reuters reported.

Additionally, along the same line, value names, which have been unable to close the performance gap with growth stocks in recent years, advanced. The S&P 500 value index rose, while the S&P 500 growth index fell.

Advertisement

Earnings Season Winding Down

With the second-quarter corporate earnings season largely completed, about 82% of S&P 500 companies that have reported so far have beaten dramatically lowered estimates, with earnings on average coming in 22.5% above expectations, the highest on record.

Releases were on the light side on Friday with T-Mobile US Inc. and Uber among the majors reporting.

T-Mobile US Inc. jumped as it added more-than-expected monthly phone subscribers and said it had overtaken rival AT&T Inc. as the second-largest U.S. wireless provider. The stock was the biggest gainer on the S&P communication services index.

Uber fell as demand for its ride-hailing trips only marginally recovered from pandemic rock-bottom in the second-quarter, even as its food-delivery segment saw double the orders.

Trump Bans Chinese Apps

President Trump on Thursday invoked his emergency economic powers to impose broad sanctions against TikTok, a move that steps up pressure on the Chinese-owned app to sell its assets to an American company.

In the order, which takes effect in 45 days, any transaction between TikTok’s parent company, ByteDance, and U.S. citizens will be outlawed for national security reasons.

In a statement, TikTok says it is “shocked” by the executive order, claiming the Trump administration “paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses.”

TikTok added that the order “sets a dangerous precedent for the concept of free expression and open markets.”

Imagine that. A Chinese owned company lecturing on the concept of free expression and open markets.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US