U.S. markets fell early Friday as as investors reacted to August’s employment data. (Story continues below.)
According to the Department of Labor, the U.S. economy added just 235,000 new jobs in August, far below the anticipated 725,000 expected by the analysts. In contrast, the previous month added more than 900,000 jobs.
Nonetheless, the August unemployment rate was at 5.2%, meeting expectations, an improvement over July’s 5.4%.
Payroll data is crucial as it is one of the key Federal Reserve’s monetary policy targets. Without strong employment growth, the Fed will be in a difficult position when it decides to taper.
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Though investors are showing some disappointment, this weak data point might give the Fed some cover should it want to resist a significant tapering in its bond-buying program. It’s currently purchasing $120 billion worth of treasuries and mortgage backed securities each month but has signaled that it intended to begin winding that program down before year-end.
Equities
U.S. stock futures were down in premarket trading after investors reacted to the payroll numbers.
| Level | Chg. | Chg. % | |
| DOW | 35, 378 | -64 | -0.18% |
| S&P 500 | 4,533.50 | -4 | -0.09% |
| Nasdaq COMP | 15,550.50 | +19.56 | +0.14% |
U.S. Dollar and Treasuries
U.S. Treasury yields rose. The dollar dropped against a basket of major currencies.
| Price | Chg. | Chg. % | |
| U.S. Dollar Index (DXY): | 92.12 | -0.11 | -0.16% |
| Yield | Change | Previous close | |
| U.S. 1 Year Treasury Bill | 0.068% | -0.001 | 0.069% |
| U.S. 2 Year Treasury Note | 0.216% | 0.005 | 0.212% |
| U.S. 5 Year Treasury Note | 0.772% | 0.003 | 0.769% |
| U.S. 10 Year Treasury Note | 1.33% | 0.041 | 1.289% |
| U.S. 20 Year Treasury Bond | 1.850% | 0.026 | 1.824% |
| U.S. 30 Year Treasury Bond | 1.930% | 0.032 | 1.898% |
Stocks To Watch
Stocks of a cloud storage company Sphere 3D experienced a major correction after surging more than 40% during Thursday’s regular trading hours. The stock surged on retail investor interest, especially after announcing several crypto-related ventures.
Stocks of Forte Biosciences collapsed after the market reacted poorly to the company’s announcement that it is discontinuing the development of its FB-401 treatment for atopic dermatitis.
Cellect Biotechnology announced the first use of its ApoGraft technology in bone marrow transplantation of a U.S. patient. ApoGraft is made to optimize immune therapy and prevent GVHD disease following the transplant.
| Symbol | Price | Chg. | Chg. % | ||
| Sphere 3D Corp | ANY | $7.24 | -2.16 | -22.98% | |
| Cellect Biotech | APOP | $7.39 | +2.05 | +38.00% | |
| Forte Biosciences | FBRX | $5.27 | -23.32 | -81.57% |
Commodities To Watch
Oil rose on improving demand outlook, as investors bet on recovery. West Texas Crude topped $70 again. Gold strengthened.
| Price | Chg. % | |
| WTI Crude Oil | $70.33 | 0.49% |
| Brent Crude Oil | $73.52 | 0.67% |
| Natural Gas | $4.68 | 0.84% |
| Gold | $1,816.60 | 0.28% |
| Silver | $24.13 | 0.89% |
| Copper | $4.29 | -0.28% |
| Soybeans | $1,290.75 | 0.58% |
Crypto
Uniswap Labs, one of the biggest global crypto exchanges, is under SEC investigation.
The global crypto market cap is $2.28T, a 2.07% increase over the last 24 hours. Bitcoin’s dominance is currently 41.47%, a decrease of 0.56% in the same period.
| Symbol | Price | Chg. % | Market Cap. | |
| Bitcoin | BTC | $50,593.26 | +1.20% | $951.42b |
| Etherium | ETH | $3,958.27 | +4.67% | $462.95b |
| Cardano | ADA | $2.98 | -1.62% | $92.80b |
| Ripple | XRP | $1.28 | -0.22% | $56.35b |
| Dogecoin | DOGE | $0.2992 | -1.83% | $39.23b |
