(Sharecast News) - US stocks rose in early trade on Friday as a much weaker-than-expected non-farm payrolls report made a September rate hike from the Federal Reserve unlikely.
At 1500 BST, the Dow Jones Industrial Average was up 0.2%, while the S&P 500 and Nasdaq were 0.3% and 0.7% higher, respectively.
Figures released earlier by the Bureau of Labor Statistics showed the US economy unexpectedly shed jobs in July,
Non-farm payrolls fell by 23,000 following a revised 20,000 increase in June, missing consensus expectations for an 80,000 increase. June's figure was revised down from a 57,000 jump, while May's figure was revised down from a 129,000 gain to a 63,000 increase.
The BLS said employment declined in local government, education and retail trade. Employment continued to trend up in healthcare, however.
Meanwhile, the unemployment rate dipped to 4.1% last month from 4.2% in June, versus expectations for it to be unchanged. Average hourly earnings rose just 2cents, taking the 12-month average to 3.2%, missing expectations for a 3.5% increase.
ING analyst James Knightley said: "Reaction has been significant, with 2Y yields down 8bp and the dollar softening, while Fed funds futures contracts are now only pricing 10bp of a potential 25bp hike on 16 September.
"Today's outcome supports our call for a prolonged pause from the Federal Reserve, but remember that ahead of the September FOMC meeting we have a further jobs report, two inflation prints and the Federal Reserve's Jackson Hole Symposium."
Investors also continued to keep an eye on developments in the Middle East following reports that draft terms in an agreement between Iran and Oman over the Strait of Hormuz include Tehran banning US and Israeli ships and requiring compensation from hostile countries before they're allowed to use it.
On the corporate front, Airbnb surged 15% after it posted better-than-expected second-quarter earnings and lifted its outlook for 2026.
Cybersecurity firm Cloudflare shot up 13% as it bumped up its annual profit guidance and posted solid second-quarter results.
Under Armour slumped as the sportswear company downgraded its full-year revenue expectations.
Dow Jones - Risers
Intel Corp. (INTC) $100.51 3.91%
Microsoft Corp. (MSFT) $503.95 2.90%
Salesforce.Com Inc. (CRM) $191.99 2.79%
Cisco Systems Inc. (CSCO) $121.74 1.54%
Goldman Sachs Group Inc. (GS) $1,040.86 1.01%
Home Depot Inc. (HD) $352.46 0.92%
Boeing Co. (BA) $232.51 0.43%
3M Co. (MMM) $181.15 0.24%
Nike Inc. (NKE) $42.08 0.14%
Unitedhealth Group Inc. (UNH) $404.55 0.14%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $29.36 -2.97%
Amgen Inc. (AMGN) $406.12 -1.70%
Chevron Corp. (CVX) $186.00 -1.56%
Procter & Gamble Co. (PG) $144.87 -1.43%
Verizon Communications Inc. (VZ) $46.35 -1.28%
Visa Inc. (V) $366.00 -1.21%
Apple Inc. (AAPL) $311.90 -1.03%
American Express Co. (AXP) $340.64 -0.69%
Travelers Company Inc. (TRV) $383.88 -0.55%
Merck & Co. Inc. (MRK) $127.82 -0.47%
S&P 500 - Risers
Fluor Corp. (FLR) $53.85 10.63%
Microchip Technology Inc. (MCHP) $83.85 9.88%
KLA-Tencor Corp. (KLAC) $200.52 7.92%
Corning Inc. (GLW) $168.40 7.14%
Gen Digital Inc. (GEN) $29.13 6.63%
Newmont Corporation (NEM) $112.16 6.56%
Micron Technology Inc. (MU) $881.80 6.24%
Applied Materials Inc. (AMAT) $543.83 6.14%
Cognizant Technology Solutions Corp. (CTSH) $56.92 6.13%
QUALCOMM Inc. (QCOM) $165.44 5.94%
S&P 500 - Fallers
DENTSPLY Sirona Inc. (XRAY) $12.19 -11.09%
Resmed Inc. (RMD) $203.49 -8.91%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Under Armour Inc. Class A (UAA) $5.98 -7.66%
Under Armour, Inc. (UA) $5.88 -7.50%
TripAdvisor Inc. (TRIP) $10.60 -6.48%
Expedia Group Inc. (EXPE) $310.60 -4.80%
News Corp Class B (NWS) $33.33 -4.14%
Align Technology Inc. (ALGN) $166.95 -4.05%
News Corp Class A (NWSA) $29.17 -3.90%
Nasdaq 100 - Risers
Microchip Technology Inc. (MCHP) $83.10 10.08%
Workday, Inc. (WDAY) $179.16 9.25%
KLA-Tencor Corp. (KLAC) $200.16 7.51%
Gen Digital Inc. (GEN) $29.20 6.63%
Biomarin Pharmaceutical Inc. (BMRN) $63.79 6.44%
Lam Research Corp. (LRCX) $312.12 6.39%
Applied Materials Inc. (AMAT) $543.52 6.14%
Cognizant Technology Solutions Corp. (CTSH) $56.73 6.13%
QUALCOMM Inc. (QCOM) $165.62 6.03%
Micron Technology Inc. (MU) $881.27 5.56%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
DENTSPLY Sirona Inc. (XRAY) $12.12 -12.84%
Expedia Group Inc. (EXPE) $311.50 -4.80%
Align Technology Inc. (ALGN) $166.90 -4.05%
Sirius XM Holdings Inc (SIRI) $29.74 -3.11%
Monster Beverage Corp (MNST) $91.93 -2.58%
American Airlines Group (AAL) $16.01 -2.52%
Henry Schein Inc. (HSIC) $87.92 -2.31%
Alphabet Inc. Class A (GOOGL) $355.36 -2.11%
Costco Wholesale Corp. (COST) $942.88 -2.09%
33.20 (0.31%)
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