1. U.S. Markets Move Down; Hiring Data Negative
Stocks in the U.S. market moved down with data showing a sharp slowdown in U.S. hiring data. Now traders are looking to understand if the Federal Reserve would delay their plans to slow economic stimulus.
Money was pumped in to technology stocks, while most other major groups in the S&P 500 fell.
Stoxx Europe is down by 0.56%
Dow Jones is down by 0.29%
NASDAQ is up by 0.12%
U.S Reports Smallest Job Growth In Seven Months
The US Labor Department said that the number of new jobs fell to a seven-month low in August as the Covid infection rises. Nonfarm payrolls increased by 235,000 jobs in August, the smallest gain since January. But some other things are looking good, such as the unemployment rate dropped to a 17-month low at 5.2% and July job growth revised sharply higher.
Ford, General Motors Weakens After Production Cut Decision
The shares of Ford and General Motors are trading down in NYSE on Friday after the companies decided to cut the production as the shortage of semiconductor chips continues. GM and Ford said on Thursday they have suspended the production at multiple plants for a few weeks.
City of Beijing To Take Didi Under State Control
Beijing’s municipal government has proposed to buy a stake in Didi Global that would allow the state to control the company. There are no clear indications on how large the investment will be and whether the proposal will be approved. At the time of writing the stock is more than 7% up on NYSE.
PagerDuty Rises On Improved Outlook
American cloud computing company PagerDuty jumped more than 10% on Friday in NYSE after it raised the revenue outlook. The company now expects the annual revenue at $274.5 million(Rs 2,000 crores) at the midpoint, a 2% rise from the previous forecast made in June. General Electric Company, Cisco, Netflix, Shopify, Zoom, and Lululemon Athletica are some of the major customers of the company.
Biden Says U.S. Economy Remains Strong
U.S President Joe Biden said on Friday the U.S. economy remains strong, even though the job data is disappointing. He said the economic recovery is durable and strong, pushed by the $1.9 trillion pandemic relief bill. The fall in job data is caused by Covid Delta fear, but the measures implemented by the government have brought America out of an economic free-fall, he added.
Apple Decides To Delay Child Safety Updates After Privacy Complaints
Apple said on Friday it will delay the child safety updates and take more time to collect feedback after the rise in privacy complaints. The iPhone maker’s decision during last month to check U.S. customer phones and computers for child sex abuse images brought a lot of complaints from outside and even from its employees themselves. Apple will make changes in the system only after a deeper study on this issue.
Hyundai Motor To Use Internally Developed Chip For Upcoming Model
According to the reports from Seoul Economy Daily, the South Korean automaker Hyundai has plans to use an internally developed auto chip for one of its upcoming vehicles from next year. The semiconductor shortage has caused the halting of auto production globally and this development will reduce Hyudai’s dependency on other companies.
