Stocks finished Friday little changed after a relatively disappointing jobs report.
All three major indices edged into the green, with the tech-heavy Nasdaq squeaking into another record high.
Within the Nasdaq, Snap had a rough day. Shares tumbled by as much as 2.7%, extending the slide from Monday.
And now, the scoreboard:
- Dow: 22,001.81, +53.71, (+0.24%)
- S&P 500: 2,478.13, +6.45, (+0.26%)
- Nasdaq: 6,438.78, +9.24, (+0.14%)
1. The jobs report missed and the unemployment rate ticked up. A report Friday from the Bureau of Labour Statistics showed that the US economy added 156,000 jobs in August, fewer than economists had expected. The unemployment rate rose to 4.4% from 4.3%.
2. Looking forward, Hurricane Harvey will make it harder to gauge the US jobs market. One of the earliest indicators of the jobs market impact of Harvey would likely be in weekly initial filings for unemployment claims. “The data is going to be very noisy,” said Carl Tannenbaum, the chief economist at Northern Trust.
3. Harvey knocked out 4.4 million barrels of daily oil refining capacity… That amount is slightly more than what Japan uses daily. The nation’s largest refiner, Motiva’s Port Arthur facility, which can handle 600,000 barrels of crude daily, will be shut for at least two weeks, according to sources familiar with plant operations.
3. …And gas prices have spiked by the most in a decade after Hurricane Harvey. According to the AAA, the average national price of a gallon of regular unleaded gasoline was $US2.519 early on Friday, the highest of 2017. It was up about seven cents from $US2.449 the previous day, the biggest single-day jump in 10 years, according to Bloomberg. “This is bad,” said Allison Mac, a petroleum analyst at the price provider GasBuddy.
4. Republicans now have a drop dead date for replacing Obamacare. According to a Friday ruling from the Senate parliamentarian, the window to pass an Obamacare repeal bill through the process known as budget reconciliation will close at the end of September.
5. Siri has a new boss. Now Apple’s Siri efforts are being led by software SVP Craig Federighi, instead of online services SVP Eddy Cue, who had previously led its development, according to official corporate bios. The change highlights the increasing importance of AI and so-called intelligent assistants like Siri as the top tech companies like Amazon, Google, Microsoft, and Facebook all ramp up their own efforts.
6. Bitcoin hit $US4,800 for the first time. The cryptocurrency has climbed higher eight out of the last nine consecutive sessions.