Nasdaq Tumbles 3%; US Economy Adds 114,000 Jobs In July

Author: Avi Kapoor | August 02, 2024 12:02pm

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dipping more than 500 points on Friday.

The Dow traded down 2.26% to 39,435.67 while the NASDAQ fell 2.98% to 16,682.31. The S&P 500 also fell, dropping, 2.52% to 5,309.54.

Leading and Lagging Sectors

Real estate shares fell by just 0.5% on Friday.

In trading on Thursday, consumer discretionary shares dipped by 5.7%.

Top Headline

Nonfarm payrolls came in at 114,000 last month, a slowdown of 65,000 from June, and well below the economist consensus estimate of 175,000 according to TradingEconomics.

The unemployment rate rose from 4.1% to 4.3%, contrary to expectations of it remaining unchanged.

Equities Trading UP
                       

• VSee Health, Inc. (NASDAQ:VSEE) shares shot up 116% to $5.24 after the company announced an agreement with Ava Robotics to develop telepresence solutions for the inpatient intensive care market.
• Shares of Exicure, Inc. (NASDAQ:XCUR) got a boost, surging 35% to $0.6699 after the company announced it received a continued listing determination from the Nasdaq.
• Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares were also up, gaining 17% to $41.30 following better-than-expected second-quarter earnings and strong guidance.

Equities Trading DOWN

• bioAffinity Technologies, Inc. (NASDAQ:BIAF) shares dropped 31% to $1.6350 after the company announced pricing of registered direct offering and concurrent private placement and warrant inducement for aggregate gross proceeds of $1.75 million.
• Shares of Gamer Pakistan Inc. (NASDAQ:GPAK) were down 46% to $0.0899 after the company announced it received a delisting notice from the Nasdaq.
• Fresh Vine Wine, Inc. (NASDAQ:VINE) was down, falling 38% to $0.27 after the company announced that it terminated the merger agreement with Notes Live.

Commodities

In commodity news, oil traded down 3.6% to $73.57 while gold traded down 0.2% at $2,477.10.

Silver traded down 0.8% to $28.26 on Friday, while copper rose 0.7% to $4.1095.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 2.75%, Germany's DAX fell 2.32% and France's CAC 40 fell 1.52%. Spain's IBEX 35 Index fell 1.62%, while London's FTSE 100 fell 1.32%.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei 225 dipping 5.81%, Hong Kong's Hang Seng Index falling 2.08%, China's Shanghai Composite Index falling 0.92% and S&P BSE Sensex declining 1.08%.

Economics

• Nonfarm payrolls came in at 114,000 last month, a slowdown of 65,000 from June, and well below the economist consensus estimate of 175,000 according to TradingEconomics.
• The unemployment rate rose from 4.1% to 4.3%, contrary to expectations of it remaining unchanged.
• Wage growth showed further signs of cooling, with average hourly earnings rising by 0.2% month-over-month, down from 0.3% in June and slightly below expectations.
• U.S. factory orders declined by 3.3% from the prior month to $564.2 billion in June compared to market estimates of a 2.9% drop.

Now Read This: Amazon, Apple And 3 Stocks To Watch Heading Into Friday

Posted In: BIAF GPAK TNDM VINE VSEE XCUR