My top 10 things to watch Friday, Sept. 6
1. The S&P 500 is tracking for a fourth straight day of declines after the highly anticipated August jobs report came up short. Bond yields also moved lower on the report.
2. The U.S. economy added 142,000 jobs in August, less than the Dow Jones estimate of 161,000, while the unemployment rate ticked down to 4.2% as expected. Job gains in the June and July reports also were revised down Friday. Traders were split roughly evenly between a traditional 25 basis point interest rate cut and a larger 50 basis point reduction at the Federal Reserve’s policy meeting that ends Sept. 18.
3. Broadcom and the weaknesses: The reported quarterly numbers beat estimates but guidance disappointed. The stock fell 7%. Read our earnings bulletin before you decide what to do with the stock. The Club chipmaker was worse than Nvidia. Artificial intelligence was not blowout. The rest of the business shows signs of bottoming.
