U.S. Stocks Open Higher After Jobs Report
2022.09.02 17:25
By Liz Moyer
Investing.com — U.S. stocks opened higher on Friday after August’s jobs report came in mostly aligned with expectations.
At 9:53 ET, the Dow Jones Industrial Average was up 123 points, or 0.4%, while the S&P 500 was up 0.5% and the NASDAQ Composite was up 0.4%.
The economy added 315,000 nonfarm jobs in August, higher than expected but not as much as the more than half-million added in July. Wage growth annually stayed the same at 5.2%, though it cooled from July as well. The unemployment rate edged up to 3.7% from 3.5% previously.
Some investors had worried that a too-hot jobs report could encourage the Fed to continue on its current aggressive path to raising interest rates. Friday’s inline report gave some hope the central bank could slow its pace.
Separately, the G7 group of nations agreed on a plan to cap the price of Russian oil exports, a way to cut funding for Russia’s war in Ukraine.
Lululemon Athletica (NASDAQ:LULU) rose 11% after a positive earnings report and guidance raise, saying demand from affluent shoppers remains strong despite inflation.
Shares of Broadcom (NASDAQ:AVGO) rose 4% on a strong fourth quarter revenue forecast, seeing demand for chips strong in the business segment.
Oil rose. Crude Oil WTI Futures was up 2%, to $88.50 a barrel and Brent Oil Futures crude rose 2% to $94.25 a barrel. Gold Futures rose 0.8% to $1723 an ounce.
