The Dow Jones Industrial Average and other major stock indexes finished in the red Friday as Wall Street fretted over a weaker-than-expected August jobs report. Meanwhile, Treasury Secretary Scott Bessent called for a review of the Federal Reserve's functions. And in stocks, Nvidia undercut a key metric while Tesla gained on the stock market today.
Friday's session looked promising for the major indexes but that quickly changed about an hour into trading as all three showed a deficit. At the close, the Dow gave up 0.5%, as the S&P 500 lost 0.3%. The tech-heavy Nasdaq composite finished slightly underwater.
Still, the S&P 500 and the Nasdaq scored weekly gains of 0.3% and 1.1%, respectively. But blue chips suffered a 0.3% loss for the week.
Also, after an early 1% outperformance, small caps on the Russell 2000 pared gains to 0.5%.
More Gainers Than Losers
Volume on the New York Stock Exchange and on the Nasdaq was higher compared with the same time on Thursday.
But despite the losses on all the major indexes, breadth was positive with more advancers than decliners on both exchanges. On the NYSE, gainers outnumbered losers by more than 5-to-3 while on the Nasdaq, they had a lead of more than 4-to-3.
Further, the yield on the benchmark 10-year Treasury note dropped to 4.09%.
3:44 p.m. ET
Tylenol Maker Takes A Hit From RFK Jr.
Shares of Kenvue plunged amid reports from The Wall Street Journal that U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. plans to link the use of Tylenol by expectant mothers to autism.
Kenvue shares were down more than 10% in recent action. Tylenol is made by McNeil Consumer Healthcare, a division of Kenvue.
Market Wavers At Highs; Apple iPhone 17 Event, Inflation Reports Due
2:56 p.m. ET
Bessent Calls For Fed Review
Meanwhile, Treasury Secretary Bessent called for a review of the Federal Reserve's functions.
In an opinion piece for The Wall Street Journal, Bessent wrote that "'extraordinary' monetary-policy tools unleashed after the 2008 financial crisis have transformed the Federal Reserve's policy regime, with unpredictable consequences."
Bessent was set to start interviews for a replacement for Fed Chairman Jerome Powell on Friday, The Journal reported.
2:06 p.m. ET
Stock Market Today: Brokerage Stocks Take A Licking
Brokerage stocks suffered as odds of a rate cut in September increased and the outlook for interest income for finance firms came under pressure. Interactive Brokers dropped more than 6% and undercut its 50-day moving average.
Charles Schwab plunged nearly 6% and also fell below its 50-day moving average. The heavy volume that accompanied the action was a sell signal. The stock also undercut its base.
Finance components in the Dow also suffered. JPMorgan Chase gave back 3% while American Express and Goldman Sachs fell more than 1% each.
Elsewhere, Nvidia fell below its 50-day moving average as the artificial intelligence giant tumbled for the fourth straight session. Shares were down more than 3% in recent action.
1:00 p.m. ET
S&P Winners And Losers
Among the S&P 500 sectors, real estate, communication services, health and materials made gains of less than 1%. Energy, financials and industrials bore losses of 1% or more.
In stocks, Smithfield Foods plunged more than 3% after the company announced a secondary offering of 19,531,698 shares at a price of $23.25 each. Shares fell further below their 50-day moving average.
12:11 p.m. ET
Earnings Move These Stocks
Braze rebounded from its 50-day moving average on Friday with a hefty surge of more than 9%. Shares vaulted on the software provider's second-quarter results. Earnings grew 67% to 15 cents per share while sales of $180 million rose 24% from the prior year.
ServiceTitan reported earnings of 33 cents per share on sales of $242 million for its second quarter. Earnings per share increased 200% while sales grew 25%. The stock jumped nearly 8%. Earlier, shares cleared their 50-day moving average before giving back some gains and falling back below that key level.
Copart was an earnings mover Friday. July-ended quarterly earnings of 41 cents per share grew 24% while sales grew 5% to $1.1 billion. But shares reversed and lost nearly 6% after gaining 4% on Thursday. The stock is trying to find support at its downward-sloping 50-day moving average.
11:22 a.m. ET
Stock Market Today: These Stocks Flirt With Buy Zones
Despite overall index losses, Friday's action produced a few breakouts. Karman Holdings topped a buy point of 57.32. Shares surged more than 11% and cleared an early-stage base that can net higher gains. The blue dot on its chart shows that its relative strength line is at a new high.
The aerospace and defense name held its initial public offering on Feb. 13 at 22 a share and has more than doubled year-to-date.
Installed Building Products climbed more than 1% and tested a buy point of 278.74 in a 57-week cup-with-handle base. Also in a cup with handle, Micron teased a buy point of 128.60 as it rose nearly 3% in recent action.
10:28 a.m. ET
Software Stocks On The Move
Several software stocks were on the move Friday. Guidewire Software soared more than 17% after the insurance software provider released its fourth-quarter results. Earnings of 84 cents per share rose 35% from the prior year. Revenue grew 22% to $357 million.
The company predicted $318 million in sales at the midpoint for the current quarter. Analyst estimates sit at $313 million. Shares cleared their 50-day moving average.
Also, Docusign surged more than 7% after its July-ended quarter report. Earnings of 92 cents per share declined 5% from the prior year while sales of $801 million grew 9%. The company's sales outlook for the current quarter met views of $806 million at the midpoint.
Shares had retaken their 50-day moving average ahead of earnings and extended gains on Friday.
UiPath jumped nearly 6% after its second-quarter report. Earnings grew 275% to 15 cents per share while sales of $362 million increased 14%. Shares are in a downtrend and the Relative Strength Rating is just 12 out of 99. Shares are trying to break a four-day losing streak.
9:47 a.m. ET
Nasdaq 100 Movers: Tesla And Nvidia
Inside the Nasdaq 100, Tesla stock rallied 4% after the company's board proposed a new pay package for Chief Executive Elon Musk worth nearly $1 trillion over the next decade if he and the electric-vehicle giant hit a series of performance targets.
Meanwhile, Nvidia stock tumbled nearly 2% Friday morning, dropping below this week's lows. Shares are set to fall decisively below their 50-day moving average line.
9:14 a.m. ET
Dow Jones Movers: Boeing, Home Depot, Microsoft, Nvidia
Boeing, Home Depot and Microsoft led the blue chip index higher Friday. Boeing shares climbed 0.5%, closing in on a 242.69 buy point. Home Depot stock gained 1.1%, on pace to extend a win streak to three sessions. And Microsoft moved up 0.7%, attempting to regain its 50-day moving average.
On the downside, Nvidia sold off 1.4% in premarket trading. Shares are seeking support at their 50-day line.
8:46 a.m. ET
Stock Market Today: Weak Jobs Report
Early Friday, the Labor Department said the U.S. economy added 22,000 jobs in August, missing Econoday estimates that called for an increase of 77,000. The unemployment rate rose to 4.3%, matching targets, its highest level since October 2021.
8:09 a.m. ET
Earnings Movers: Broadcom, Lululemon
Lululemon Athletica plummeted nearly 19% in premarket action Friday after the company missed sales estimates and slashed its full-year outlook. The company blamed costs related to tariffs.
The clothing retailer reported fiscal second-quarter earnings of $3.10 a share, above estimates. But revenue rose 7% year over year to $2.52 billion, narrowly missing analyst projections for $2.54 billion, according to FactSet. And same-store sales rose 1% year over year, well below Wall Street expectations for a 3.7% increase.
Broadcom beat analyst estimates for its fiscal third quarter and offered a sales forecast that was above views for the current period. Broadcom stock jumped 11% in premarket trading.
The artificial intelligence chip giant earned an adjusted $1.69 a share on sales of $15.95 billion in the quarter ended Aug. 3. Analysts polled by FactSet had expected Broadcom to earn $1.66 a share on sales of $15.83 billion. On a year-over-year basis, Broadcom earnings rose 36% while sales increased 22%.
Other key earnings movers Friday morning included Samsara, which soared 11.6% in morning trade.
Stock Market Today: August Jobs Report
Due out at 8:30 a.m. ET is the August jobs report from the Labor Department. Overall, payrolls are expected to rise 77,000, including a 75,000 increase among private firms, according to estimates from Econoday.
The unemployment rate is expected to tick up to 4.3% as 12-month average hourly earnings growth slips to 3.8% from 3.9%.
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