Stock market today: Wall Street rises following reports on US job market, Big Tech earnings

Aug 3, 2023, 11:22 PM | Updated: Aug 4, 2023, 6:42 am

NEW YORK (AP) — Stocks are rising following mixed reports about the U.S. job market and profits at two of Wall Street’s most influential stocks. The S&P 500 was up 0.6% early Friday and heading for its first gain in four days. The Dow was up 136 points, or 0.4%, and the Nasdaq composite was up 1%. Treasury yields dipped after the government said hiring was a touch weaker last month than expected. That could help keep pressure off high inflation. Amazon jumped 9.2% after reporting a much bigger profit than expected. Apple fell 3.1% after reporting revenue that just barely topped forecasts.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stock markets rose Friday before a U.S. jobs update that could influence interest rate plans after Britain’s central bank raised its key lending rate.

London, Shanghai, Paris and Tokyo advanced. Oil prices advanced.

Wall Street futures rebounded. U.S. stocks fell for a third day Thursday after the Bank of England raised its main lending rate to a 15-year high and indicated it could stay high for a while.

Investors were rattled Wednesday when Fitch Ratings cut its credit rating on U.S. government debt, though analysts said it made little difference.

Investors were waiting for a U.S. government update on the unexpectedly strong labor market, which Federal Reserve Chair Jerome Powell has cited as a factor in deciding whether more rate hikes are needed to cool inflation.

The jobs data have “the potential to tilt the balance towards another rate hike in September,” said Francesco Pesole of ING in a report.

In early trading, the FTSE 100 in London rose 0.4% to 7,556.55. The CAC 40 in Paris added 0.4% to 7,288.29 and the DAX in Frankfurt was 0.2% higher at 15,920.97.

On Wall Street, the future for the benchmark S&P 500 index was up 0.4%. That for the Dow Jones Industrial Average advanced 0.2%.

On Thursday, the S&P and Dow both lost 0.2%. The Nasdaq composite dipped 0.1%.

In Asia, the Shanghai Composite Index rose 0.2% to 3,288.08 after China’s central bank governor told real estate developers they would be allowed to raise more money by selling bonds. That eases debt controls imposed in 2020 that sent the industry into a tailspin.

The Hang Seng in Hong Kong gained 0.6% to 19,539.46 and the Nikkei 225 in Tokyo added 0.1% to 32,192.75.

The Kospi in Seoul lost 0.1% to 2,602.80 while Sydney’s S&P-ASX 200 gained 0.2% to 7,325.30.

India’s Sensex rose 0.4% to 65,534.10. New Zealand and Bangkok gained while Singapore and Jakarta retreated.

Investors are watching whether the U.S. economy can avoid a recession following repeated rate hikes over the past year to cool inflation.

Strength in hiring has prompted traders to push back the possible recession timeline and raised hopes it might be less severe. However, the Fed might see strong hiring as contributing to upward pressure on inflation and raise interest rates again.

Critics say a consensus has formed too quickly on Wall Street that inflation will moderate, allowing the Fed to start cutting rates early next year.

The Bank of England warned Thursday it was too early to declare an end to rate hikes, because inflation risks, including higher wages, had “begun to crystallize.” The bank said that inflation is forecast to drop to 4.9% by the end of the year, but that is more than double its 2% target.

“I don’t think it’s time to declare that it’s all over,” Bank of England Gov. Andrew Bailey said.

Treasury yields in the bond market marched higher on Thursday, drawing money out of stocks.

The yield on the 10-year Treasury, or the difference between the day’s market price and the payout at maturity, rose to 4.18% from 4.09% late Wednesday. It is up from 2.75% a year ago.

Qualcomm, a maker of processor chips for smartphones and other devices, tumbled 8.2% for one of the larger losses in the S&P 500. It reported weaker revenue for the spring than expected, even though its profit topped forecasts.

On the winning side was cleaning products maker Clorox, which jumped 9%. It reported stronger profit and revenue than analysts expected.

Exxon Mobil gained 1.7%. They benefited as crude prices rallied after Saudi Arabia said it will keep in place cuts to production meant to boost oil’s price.

Two hugely influential companies reported their results after trading ended for the day.

Apple and Amazon are two of the largest companies on Wall Street by market value, which gives their stock movements more heft on the S&P 500 and other indexes.

They also both soared more than 45% this year on expectations of continued growth. That means pressure on them to deliver big results to justify the big stock gains.

In energy markets, benchmark U.S. crude gained 29 cents to $81.84 per barrel in electronic trading on the New York Mercantile Exchange. The contract surged $2.06 on Thursday to $81.55. Brent crude, the price basis for international oils, added 27 cents to $85.41 per barrel in London. It advanced $1.94 the previous session to $85.14.

The dollar edged down to 142.66 yen from Thursday’s 142.71 yen. The euro held steady at $1.0942.


Associated Press

Stock market today: Global shares mostly fall over China worries

TOKYO (AP) — Global shares were mostly lower Thursday in subdued trading on looming worries about China property woes. France’s CAC 40 shed 0.3% to 7,050.19 in early trading. Germany’s DAX slipped 0.4% to 15,164.02. Britain’s FTSE 100 edged down 0.6% to 7,544.91. U.S. shares were set to drift lower with Dow futures down nearly […]

12 hours ago

Wounded ethnic Armenian man named Sasha, 84 years-old, from Stepanakert, Nagorno-Karabakh is helped...

Associated Press

Over half of Nagorno-Karabakh’s population flees as the separatist government says it will dissolve

YEREVAN, Armenia (AP) — The separatist government of Nagorno-Karabakh said Thursday it will dissolve itself and the unrecognized republic will cease to exist by year’s end after a three-decade bid for independence, while Armenian officials said over half of the region’s population has already fled. The moves came after Azerbaijan carried out a lightning offensive […]

13 hours ago

Associated Press

Plans for Poland’s first nuclear power plant move ahead as US and Polish officials an sign agreement

WARSAW, Poland (AP) — Polish and U.S. officials signed an agreement Wednesday in Warsaw for the construction of Poland’s first nuclear power plant, part of an effort by the Central European nation to move away from polluting fossil fuels. Prime Minister Mateusz Morawiecki called the deal to build the plant at the Lubiatowo-Kopalino site in […]

1 day ago

Associated Press

North Korea says it will expel the US soldier who crossed into the country in July

SEOUL, South Korea (AP) — North Korea said Wednesday that it will expel a U.S. soldier who crossed into the country through the heavily armed border between the Koreas in July. The North’s official Korean Central News Agency said that authorities have finished their questioning of Pvt. Travis King. It said that he confessed to […]

1 day ago

Slawomir Mentzen, left, and Krzysztof Bosak, right, the co-leaders of the hard right Confederation ...

Associated Press

A hard-right party gathers strength in Poland, pushing a new, less friendly course on Ukraine

KATOWICE, Poland (AP) — Poland’s hard-right Confederation party opened its electoral campaign convention as if it were a rock concert, with a singer riding up on a motorcycle, its engine revving, and a pyrotechnic show of flames and sparklers. The party has been growing in popularity, especially among young men fed up with the political […]

2 days ago

Demonstrators start a fire at the foot of the barrier protecting the National Palace during a march...

Associated Press

9 years later, families of 43 missing Mexican students march to demand answers in emblematic case

MEXICO CITY (AP) — Chanting from one to 43, relatives of students abducted nine years ago counted out the number of the missing youths as they marched through Mexico City Tuesday to demand answers to one of Mexico’s most infamous human rights cases. With President Andrés Manuel López Obrador’s term ending next year, family members […]

2 days ago

Sponsored Articles

Swedish Cyberknife...

September is Prostate Cancer Awareness Month

September is a busy month on the sports calendar and also holds a very special designation: Prostate Cancer Awareness Month.

Ziply Fiber...

Dan Miller

The truth about Gigs, Gs and other internet marketing jargon

If you’re confused by internet technologies and marketing jargon, you’re not alone. Here's how you can make an informed decision.

Education families...

Education that meets the needs of students, families

Washington Virtual Academies (WAVA) is a program of Omak School District that is a full-time online public school for students in grades K-12.

Emergency preparedness...

Emergency planning for the worst-case scenario

What would you do if you woke up in the middle of the night and heard an intruder in your kitchen? West Coast Armory North can help.

Innovative Education...

The Power of an Innovative Education

Parents and students in Washington state have the power to reimagine the K-12 educational experience through Insight School of Washington.

Medicare fraud...

If you’re on Medicare, you can help stop fraud!

Fraud costs Medicare an estimated $60 billion each year and ultimately raises the cost of health care for everyone.

Stock market today: Wall Street rises following reports on US job market, Big Tech earnings