ECONOMIC SILUET: Dow, S&P 500 fall for the third session | Job openings soared in July

Rabu, 08 September 2021

Dow, S&P 500 fall for the third session | Job openings soared in July | The SEC challenges Coinbase

WED, SEP 08, 2021

EVENING BRIEF

AS OF WED, SEP 08, 2021 • 05:15 ET

DJIA		35031.07
		-0.20%	-68.93

S&P 500		4514.07
		-0.13%	-5.96

NASDAQ		15286.64
		-0.57%	-87.69

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	155.11	-1.58	-1.01%
INTC	53.57	-0.08	-0.15%
MSFT	300.21	+0.03	+0.01%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	155.11	-1.58	-1.01%
F	13.03	+0.08	+0.62%
AMD	106.17	-2.98	-2.73%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	155.11	-1.58	-1.01%
AMD	106.17	-2.98	-2.73%
NVDA	223.39	-3.23	-1.43%

EDITOR'S NOTE

The major averages slipped Wednesday as investors grew concerned about the economic recovery after a relatively smooth ride in the market so far in 2021. The Dow Jones Industrial Average and the S&P 500 fell for the third session in a row, while the Nasdaq Composite snapped a four-day win streak.

Dysfunction in the labor market in the aftermath of the Covid-19 pandemic was reinforced when the Labor Department's Job Openings and Labor Turnover Survey showed that job openings outnumbered the unemployed by more than 2 million in July.

The report, which the Federal Reserve watches closely for signs of slack in employment, showed open positions soared to 10.9 million in July, well above the 9.9 million FactSet estimate and the 10.2 million from June.

"Higher wages and one-time bonuses have been the tools used by many businesses to entice those on the sidelines, but obviously that has not been enough," Peter Boockvar, chief investment officer at Bleakley Advisory Group, told clients. "We'll of course see what September brings with back to school and the end of extra unemployment benefits, but what is clear... is a large need for more workers."

Hiring slowed sharply in August, with payrolls growing by just 235,000 even as the total unemployed dipped to just shy of 8.4 million.

The rate of job openings measured against the total labor force grew to 6.9% in July, up from 6.5% the prior month and 4.6% a year before.

The outlook for the rest of September remains clouded amid more worrisome labor market data, following last week's disappointing August jobs report. The coronavirus delta variant also remains an overhang for investors.