Market Snapshot: Dow, S&P 500 snap 3-week winning streak as stocks fall after U.S. jobs report, Big Tech earnings

by | Aug 4, 2023 | Stock Market

U.S. stocks ended lower Friday, with the S&P 500 and Nasdaq Composite seeing their fourth straight day of losses for their longest losing streak since early May, as investors parsed the July jobs report from the Department of Labor and Big Tech earnings from Amazon and Apple. How stock indexes traded
The Dow Jones Industrial Average
fell 150.27 points, or 0.4%, to close at 35,065.62, sliding for a third straight day.

The S&P 500
dropped 23.86 points, or 0.5%, to finish at 4,478.03, booking a fourth consecutive day of losses.

The Nasdaq Composite
shed 50.48 points, or 0.4%, to end at 13,902, also falling for a fourth straight day.

For the week, the Dow slid 1.1%, the S&P 500 declined 2.3% and the Nasdaq sank 2.8%, according to Dow Jones Market Data. The Dow and S&P 500 each snapped three straight weeks of gains, while the S&P and Nasdaq booked their biggest weekly percentage drops since March.

What drove markets Stocks fell Friday, giving up earlier gains after the latest labor-market report showed the U.S. economy continued to create jobs in July while average hourly earnings rose. The U.S. economy added 187,000 jobs last month, with the unemployment rate falling to 3.5% from 3.6% in June, according to a report Friday from the Bureau of Labor Statistics. The report also showed average hourly earnings rose 0.4% in July, up 4.4% over the past 12 months. Last month’s wage growth was slightly higher than expected, while the number of jobs created was a bit softer than the 200,000 anticipated by Wall Street …

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