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Wall Street stocks were mostly lower early Friday, with tech shares again sinking, following data showing the US unemployment rate dropped much more than expected in August.
The jobless rate fell to 8.4 percent, the first reading below 10 percent since the coronavirus pandemic struck, while the economy added 1.4 million jobs last month, the Labor Department report showed .
But stocks remained under pressure following a series of records in August.
About 35 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 28,370.19.
The broad-based S&P 500 shed 0.5 percent to 3,438.51, while the tech-rich Nasdaq Composite Index tumbled 1.7 percent to 11,258.37.
After a strong summer that saw US indices enjoy their best August in decades, equities tumbled on Thursday with high-flying tech shares leading the market lower as investors cashed in on the big gains.
“The markets were due for a sell-off – let’s be honest,” TD Ameritrade’s JJ Kinahan said in a note late Thursday.– businesslive.co.za
Bongani Ndlovu