Stock market news live: Markets tumble despite strong jobs report as coronavirus concerns persist - Yahoo Finance

Contracts on the three major indices pointed to a second straight day of steep declines, as volatility continued to rattle risk assets.

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8:49 a.m. ET: Markets continue to trade lower, yields tumble

The better-than-expected U.S. jobs reported didn’t really move the needle on markets.

• S&P 500 futures (ES=F): 2,934.25, down 81.25 points or -2.69%

• Dow futures (YM=F): 25,412.00, down 648 points or -2.49%

• Nasdaq futures (NQ=F): 8,389.25, down 259.50 points or -3.00%

• Crude oil (CL=F): $44.03 per barrel, down $1.87 or 4.07%

• Gold (GC=F): $1,674.80 per ounce, up $6.80 or 0.41%

• 10-year Treasury (^TNX): yielding 0.751%, down 18.9 bps

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8:30 a.m. ET: U.S. jobs report smashes expectations.

U.S. employers added 273,000 payrolls in February, beat economists’ expectations for 175,000. The unemployment rate fell to 3.5% from 3.6% the month prior.

Average hourly earnings climbed by 0.3% month-over-month, or 3.0% year-over-year, which was in line with expectations.

Note: the measurement period for this report predates the period during which coronavirus fears spiked globally.

Read more about the jobs report here.

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7:49 a.m. ET: Stock futures sink, following global equities lower

U.S. stocks were on track for another down day, with futures for each of the S&P 500, Dow and Nasdaq off more than 2% in early trading.

In the U.S., the number of confirmed cases of COVID-19 broke above 200, with the White House acknowledging Thursday that the nation lacks an adequate amount of coronavirus test kits to meet demand. Globally, the number of cases of the coronavirus is nearing 100,000, with more than 3,200 deaths reported.

The escalating outbreak has dented stocks and sent Treasury yields spiraling lower. The yield on the benchmark 10-year note broke below 0.75% Friday morning as traders piled into safe haven assets like government bonds.

The impending release of Department of Labor’s February jobs report has done little to prop up equities, even as consensus economists expect another strong print on payroll gains and an unemployment rate near a 50-year low. The release, however, will capture the state of the labor market before the escalation of the coronavirus outbreak in the U.S., rendering the report already stale.

Here were the main moves during the pre-market session, as of 7:49 a.m. ET:

• S&P 500 futures (ES=F): 2,939.25, down 76.75 points or -2.53%

• Dow futures (YM=F): 26,449.00, down 611 points or -2.34%

• Nasdaq futures (NQ=F): 8,407.50, down 241.25 points or -2.79%

• Crude oil (CL=F): $43.95 per barrel, down $1.95 or 4.25%

• Gold (GC=F): $1,686.00 per ounce, up $18.00 or 1.08%

• 10-year Treasury (^TNX): yielding 0.739%, down 18.6 bps

NEW YORK, March 5, 2020 -- Traders work at New York Stock Exchange in New York, the United States, on March 5, 2020. U.S. stocks plunged in choppy trading on Thursday. The Dow Jones Industrial Average dropped 969.58 points, or 3.58 percent, to 26,121.28. The S&P 500 fell 106.18 points, or 3.39 percent, to 3,023.94. The Nasdaq Composite Index erased 279.49 points, or 3.10 percent, to 8,738.60. (Photo by Michael Nagle/Xinhua via Getty) (Xinhua/Michael Nagle via Getty Images)

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https://finance.yahoo.com/news/stock-market-news-live-updates-march-6-2020-125021754.html

2020-03-06 13:54:00Z
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