US stocks mixed as investors digest the impact of weak jobs report on Fed tapering

US stocks ended the week mixed as investors pondered how the worse-than-expected job report will affect the Fed’s schedule for easing its stimulus measures.

The US added 235,000 new jobs in August, missing the average estimate of 733,000 additional jobs. Meanwhile, the unemployment rate fell from 5.4% to 5.2%, which is in line with estimates. The month showed the impact the coronavirus delta variant had on the labor market recovery.

The focus now is on whether the report will have any impact if the Federal Reserve begins tapering its bond purchase program.

“We think today’s report should give the doves on the Federal Reserve Board of Directors, essentially where the Chairman sits today, some fodder to postpone a throttling on the QE asset purchase program, when we think it is It would be a mistake, “said Rick Rieder, CIO Global Fixed Income at BlackRock and head of the Global Allocation investment team.

Here were the US indices as of Friday at 4:00 p.m. ET:

“Friday’s weaker-than-expected jobs are putting less pressure on the Fed to reduce its stimulus measures, which will likely give stocks a short-term boost for investors,” said Jay Pestrichelli, CEO of investment firm ZEGA Financial.

The mobile brokerage app Robinhood said in an interview with Barron’s that a potential payment ban by the SEC for the flow of orders was “draconian”. SEC chairman Gary Gensler said Barrons last week that a PFOF ban was being considered, which would send Robinhood’s shares down 7% in one day.

Sam Bankman-Fried’s FTX crypto exchange plans to list spot trading in altcoins such as Cardano, Polkadot and Avalanche in the coming months as the platform makes a concerted push to attract more retail investors. Read the inside interview with the crypto billionaire here.

West Texas Intermediate crude oil fell 1.07% to $ 69.24 a barrel. The international benchmark for Brent crude oil fell 0.63% to $ 72.57 a barrel.

Gold rose 1.13% to $ 1,831 an ounce.

Recent articles

Crypto exchanges struggle as El Salvador adopts Bitcoin

Today, Bitcoin is becoming an official currency in El Salvador, and the markets and crypto exchanges seem to be struggling. On...

Schools are back – and time to comply with the ICO’s Age Appropriate Design Code

As of September 2, 2021, the United Kingdom's Information Commissioner's Office ("ICO") expects organizations to use their Age Appropriate Design Code ("AADC"). The...

the ICO wants input on when personal data goes international

You don't have to be a data-focused IT service provider to realize that the UK was lucky enough to receive an adequacy decision from...