Moovin Stonks | Nvidia, Tesla, Broadcom Fall, Market Dips Friday

Good morning, traders. Happy Friday, September 6th. The market declined Friday morning, ending a short but volatile week for stocks: September started with a pullback. The S&P 500 fell below the historic 5,500 point mark Thursday, a level reached in June, broken through with an August pullback, and now hit again in the first sessions of September.

My name is Kevin Travers; here is a round-up of stories moving on the U.S. stock market today.

Within industries tracked by moomoo, Semiconductors pulled back 4% to match Nvidias fall. Auto Manufacturers also pulled back following a 5% drop in Tesla.

Within indexes, the downward direction of the market was clear Friday.

Friday, the economy added 142k nonfarm payrolls, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k, but fit the narrative of softening labor in the U.S. that investors have come to expect. The CME Fedwatch futures tracker shows the chances of an FOMC rate cut during the committee's upcoming September 17-18 meeting as more than 50%.

Speaking of the Fed, investors also got word from New York Fed President John Williams Friday that it is time to cut rates.

Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."

Thursday, initial jobless claims figures from the Department of Labor Statistics came in at 227K, below last week's 230k. ADP numbers for private payrolls added to the economy showed just 99k jobs added in the past month, far below the 140k expected and the lowest number from ADP since 2021.

Wednesday, the JOLTS job openings came in lower than expected at 7.6M vs 8M. It is the lowest hiring data for open positions since 2021. Tuesday, the S&P PMI and ISM PMI index numbers came out lower than estimated, with ISM at 47.2 vs 47.5 and S&P at 47.9 vs 48, compared to last month's 46.8 and 49.6, respectively.