US markets end lower after non-farm payrolls data


Markets in US closed mostly lower on Friday’s trade after data disclosed that the labour market experienced its first contraction in seven years.

The Dow Jones industrial average fell 1.72 points to close at 22,773.67, with Chevron and Boeing contributing the most to the losses. The index also snapped a seven-day winning streak.

The S&P 500 declined 0.1% to 2,549.33, with consumer staples and telecommunications leading decliners. The index also snapped an eight-day winning streak, its longest in four years, and also ended a streak of six straight record closes, the longest such streak since 1997.

The Nasdaq composite eked out a record high, rising 0.07% to 6,590.18.

The US lost 33,000 jobs September due in large part to two major hurricanes hitting the country.

Treasury yields jumped after the report’s release. The benchmark 10-year yield advanced to 2.36%, while the two-year yield rose to 1.51%, notching its highest level since 2008.

The ISM manufacturing and non-manufacturing numbers released earlier this week hit multi-year highs. Meanwhile, the US House passed a $4.1 trillion budget on Thursday, which marked the first concrete step toward enacting tax reform.






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