Forex
US Jobs Report Sinks Wall Street, Semiconductor Stocks Shine
US jobs data for August has sent shockwaves through Wall Street, with all three major indexes closing lower on Friday. The Dow Jones Industrial Average fell 272.51 points, or 0.51%, to 53,413.60, while the S&P 500 declined 29.30 points, or 0.38%, to 7,718.41. The Nasdaq Composite lost 77.07 points, or 0.29%, to finish at 26,506.99.
The strong jobs report added to expectations that the Federal Reserve will raise interest rates in September, with the probability of a 25-basis-point rate hike spiking to 58.4% according to the CME FedWatch tool.
Despite the negative overall performance, semiconductor stocks stood out as a bright spot, gaining 3.4% during Friday's session. However, this growth is still down 17.8% for the quarter.