NEW YORK (awp international) – Rather disappointing data from the labor market only pushed the Dow Jones Industrial slightly into the red on Friday. The leading index fell by 0.10 percent to 35,408.47 points. From a weekly perspective, this indicates a small minus.
The S&P 500 made up for initial losses on Friday and was most recently 0.04 percent up at 4538.63 points after reaching a record high the previous day. The technology-heavy Nasdaq 100 gained 0.29 percent to 15,649.71 points.
The US economy missed expectations in August with poor job creation. The stagnating development in the leisure sector and in the hospitality industry was particularly disappointing. The unemployment rate, meanwhile, fell to its lowest level since the beginning of the Corona crisis and wages rose much more sharply than expected in August.
“This labor market report will be a headache for the US Federal Reserve,” wrote Thomas Altmann of wealth manager QC Partners. With job growth far below expectations and a low unemployment rate at the same time, it is difficult to work out a clear line. With wages rising faster than expected, inflation remains a major issue.
On the corporate side, the focus was on fresh quarterly figures from two technology companies. The shares of the server and network service provider Hewlett Packard Enterprise lost initial profits of more than three percent and were recently still a good one percent in the plus. Analyst Tim Long from the British investment bank Barclays wrote in a study of a mixed quarter. The operating margin was worse than expected, but the company is making progress in terms of sales.
The papers of the second company, the chip company Broadcom, rose by a good one percent. Here Stacy Rasgon from Bernstein Research spoke of a solid quarter and a strong outlook for the last quarter of the financial year. The analyst continues to appreciate Broadcom for the way in which the chip shortage situation is being dealt with.
In addition, the shares in the Chinese driver service broker and Uber competitor Didi went up by two and a half percent. According to media reports, Didi could soon be nationalized. The Beijing city government has proposed a corresponding investment in the company, wrote the Bloomberg news agency, citing people familiar with the matter. For a few months now, a regulatory offensive for China’s tech stocks listed in the USA has been a topic of conversation again and again. / La / mis
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