Markets

Close Update: U.S. Stocks Sink for Second Day as Bond Yields Jump After Jobs Data

Wall Street skidded into the close on Friday, with the benchmarks retreating for a second straight day as bond yields surged further following a move in the unemployment rate to the lowest level in almost half a century.

The Nasdaq Composite slid to the lowest levels since mid August as information technology stocks led losses on the Standard & Poor's 500, ending 1.1% in the red on declines in semiconductor and electronic equipment companies.

The blue-chip Dow Jones Industrial Average was at the lowest in just over a week as more than two-thirds of the components declined, led by Intel's ( INTC ) 2.3% drop, Caterpillar's ( CAT ) 2.2% loss and a 1.6% retreat in Apple ( AAPL ).

The benchmarks recouped some of their losses but couldn't gather enough momentum to turn the picture around, with 10 of the 12 S&P sectors retreating. Haven component utilities advanced 1.7% while real ended barely higher as the risk-off tone took hold after U.S. non-farm payrolls came in below expectations at 134,000 in September, but the slide to 3.7% in the jobless rate grabbed headline attention.

Bond yields pushed higher, sending investors out of equities amid concerns that rates will continue to rise. Consumer stocks, which are often hit by high rates, retreated, while materials also retreated.

After a busy week of economic events, investor attention will pivot next week to quarterly earnings, with banks including Citigroup ( C ) and Wells Fargo ( WFC ) informally kicking off the reporting period on Friday.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was down 180.43 points (-0.68%)

S&P 500 was down 16.04 points (-0.55%)

Nasdaq Composite Index was down 91.06 points (-1.16%)

GLOBAL SENTIMENT

FTSE 100 was down 1.35%

Nikkei 225 was down 0.8%

Hang Seng Index was down 0.19%

Shanghai China Composite Index was closed

UPSIDE MOVERS

(+) ESTC (+95.83%) Makes NYSE trading debut

(+) GE (+4.27%) GE Aviation launches accelerator program in Washington, D.C.

(+) TREE (+3.68%) Oppenheimer reaffirms at outperform, $320 price target

(+) LLY (+1.79%) JPMorgan raises price target to $123 from $117

DOWNSIDE MOVERS

(-) HSGX (-39.6%) Prices public offering of common stock and warrants

(-) KMPH (-36.36%) Prices public offering of common stock at discount

(-) RSLS (-15.22%) Says use of ReShape portal extends weight loss in patients after balloon implantation

(-) IPGP (-13.8%) Sees Q3 revenue below previous guidance range

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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