UPDATE: 9:10 a.m.
Canada's main stock index plunged more than 300 points in late-morning trading, adding to its losses a day ago, while U.S. stock markets also sank again.
The S&P/TSX composite index fell 345.05 points to 16,103.84.
In New York, the Dow Jones industrial average was down 530.25 points at 27,762.48. The S&P 500 index was down 86.38 points at 3,368.68, while the Nasdaq composite was down 426.87 points at 11,031.23.
The Canadian dollar traded for 76.23 cents US compared with 76.20 cents US on Thursday.
The October crude contract was down US$1.43 at US$39.94 per barrel and the October natural gas contract was down four cents at US$2.44 per mmBTU.
The December gold contract was down US$13.70 at US$1,924.10 an ounce and the December copper contract was up four cents at US$3.02 a pound.
UPDATE: 7:45 a.m.
Stocks are falling again on Wall Street in early trading Friday, adding to the market's losses after its biggest sell-off since June.
The S&P 500 was down 1.2% after initially climbing 0.7% shortly after trading opened. Another slide in technology stocks, which led the selling a day earlier, outweighed gains in financial, industrial companies and elsewhere in the market. Declines in communications stocks and companies that rely on consumer spending also weighed on the market. The benchmark index remains on track for its first weekly loss after five weeks of gains.
Stocks fell after the Labor Department said that U.S. hiring slowed to 1.4 million last month, the fewest jobs since the pandemic began, even as the nation's unemployment rate improved to 8.4% from 10.2%. The U.S. economy has recovered about half the 22 million jobs lost to the pandemic.
The Dow Jones Industrial Average was down 189 points, or 0.6%, to 28,110 as of 10:20 a.m. Eastern time. It lost more than 800 points on Thursday. The technology-heavy Nasdaq was down 3% a day after a 5% skid.
Treasury yields headed higher, a sign that some investors were less pessimistic about the economy. The 10-year Treasury yield rose to 0.67%, up from 0.62% late Thursday.
ORIGINAL: 7:09 a.m.
Canada's main stock index was up in early trading, helped by gains in the financial, industrial and metals and mining sectors.
The S&P/TSX composite index was up 32.21 points at 16,481.10.
Stocks opened higher on Wall Street Friday, a day after a big slump in technology companies pulled the market to its biggest drop since June.
In New York, the Dow Jones industrial average was up 199.92 points at 28,492.65. The S&P 500 index was up 9.08 points at 3,464.14, while the Nasdaq composite was down 38.72 points at 11,419.38.
Traders were encouraged to see a drop in the unemployment rate last month, even as hiring slowed. Treasury yields rose after the government’s monthly jobs report came out, a sign that investors are becoming less pessimistic about the economy.
The higher yields helped send bank stocks higher, since banks can lend money at higher rates once yields rise in the bond market.
European shares also opened higher on Friday and U.S. futures bounced back after a day of losses in Asia.
Germany's DAX gained 0.4% to 13,101.39 and the CAC 40 in Paris jumped 0.8% to 5,048.18. Britain's FTSE 100 climbed 0.4% to 5,874.37. U.S. shares looked set for a comeback, with the future for the S&P 500 up 0.3% and that for the Dow industrials 0.5% higher.
There was little going on in Asia to alter the markets' downward trajectory after the U.S. benchmark S&P 500 gave up 3.5% on Thursday, its biggest loss in three months, and the Nasdaq fell 5% as high-flying technology companies took a tumble after months of spectacular gains.
There seemed to be no obvious trigger for the sell-off, with economic data coming in roughly where the market had expected and no companies issuing foreboding warnings. But the market felt due for a breather, analysts said.
“Altitude sickness?" asked Riki Ogawa of Mizuho Bank. “To be sure, the plunge after overly exuberant rallies of recent was in itself not counter-intuitive; but the precise motivation of, and triggers for, market moves remains an enigma."
“While I don’t think its a healthy meltdown, getting rid of some of the short term speculator froth will offer up better levels for the Wall of Money to indulge as we know the Fed is not going anywhere soon," Stephen Innes of AxiCorp said in a commentary.
The Nikkei 225 shed 1.1% to 23,205.43 while the Hang Seng in Hong Kong lost 1.3% to 24,095.45. Australia's S&P/ASX 200 gave up 3.1% to 5,925.50 and the Shanghai Composite index slipped 0.9% to 3,355.37. South Korea's Kospi lost 1.2% to 2,368.25.
Wall Street's unloading of technology shares on Thursday ended with Apple plunging 8%. Amazon lost 4.6% and Facebook gave back 3.8%.
Even with Thursday's losses, Apple is still up 64.7% for the year, and Amazon is up 82.3%. Zoom’s gain for the year is still a whopping 460.4%.
The gains have been based on rosy assumptions about the virus’s impact on the economy, as well as on prospects for Congress and the White House coming up with another economic relief package.
The Canadian dollar traded for 76.30 cents US this morning, compared with 76.20 cents US on Thursday.
https://news.google.com/__i/rss/rd/articles/CBMiYWh0dHBzOi8vd3d3LmNhc3RhbmV0Lm5ldC9uZXdzL0J1c2luZXNzLzMwOTc5My9TdG9jay1tYXJrZXRzLWRvd24tYWdhaW4tYWZ0ZXItYmlnLWRyb3Atb24tVGh1cnNkYXnSAQA?oc=5
2020-09-04 16:10:00Z
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