US Stocks fall after weak jobs data

The US stocks moved mostly lower in lacklustre trade on Friday, 08 October 2021, with the major three indexes finishing the day in negative territory, as investors struggled to coalesce around a clear theme for markets after the Labor Department's closely watched monthly jobs report showed much weaker than expected job growth in the month of September.

At the close of trade, the Dow Jones Industrial Average index declined 8.69 points, or 0.03%, to 34,746.25. The S&P500 index fell 8.42 points, or 0.19%, to 4,391.34. The tech-heavy Nasdaq Composite Index dropped 74.48 points, or 0.51%, to 14,579.54.

Total volume turnover on U.S. exchanges stood at 7.02 billion shares, down from yesterday's 8.11 billion shares. In the NYSE exchange, 1468 issues advanced, 1787 issues declined, and 163 issues closed unchanged. In the NASDAQ, 1741 issues advanced, 2667 issues declined, and 261 issues unchanged.

Total 9 of 11 sectors ended down along with the S&P500 index, with real estate (down 1.12%), was worst performing sector, followed by utilities (down 0.73%), materials (down 0.56%), and healthcare (down 0.47%), while energy (up 3.1%) was top performing sector.

ECONOMIC NEWS: US Job Growth Weakens In September- US non-farm payroll employment rose by 194,000 jobs in September after climbing by an upwardly revised 366,000 jobs in August, according to a closely watched report released by the Labor Department on Friday. The much weaker than expected job growth was partly due to a seasonally-adjusted slump in education employment, which tumbled by 180,000 jobs as back-to-school hiring was lower than usual. The unemployment rate fell to 4.8% in September from 5.2% in August.

US Wholesale Inventories Jumps 1.2% In August- US wholesale inventories jumped by 1.2% in August after climbing by 0.6% in July, the Commerce Department revealed in a report released on Friday. The notable increase in wholesale inventories came as inventories of durable and non-durable goods surged up by 1.2% and 1.1%, respectively. Meanwhile, the Commerce Department said wholesale sales slumped by 1.1% in August after spiking by 2.1% in July. Sales of non-durable goods tumbled by 1.7% during the month, while sales of durable goods fell by 0.5%. With inventories jumping and sales slumping, the inventories/sales ratio for merchant wholesalers rose to 1.23 in August from 1.20 in July.

Among Indian ADR, Wipro fell 1.12% to $8.82, INFOSYS fell 3.69% to $21.93, Dr Reddys Labs fell 1.79% to $64.32, HDFC Bank fell 1.24% to $72.70, ICICI Bank declined 1.48% to $18.62, Vedanta fell 1.6% to $15.41, and WNS Holdings fell 0.54% to $82.32. Tata Motors grew 2.3% to $26.35.

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