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- US stocks rose as investors weighed Apple and Amazon earnings as well as payroll data.
- The US jobs report came in weaker than expected on Friday, with 187,000 new jobs were added in July.
- But wage growth topped forecasts, adding inflationary pressure.
US stocks rose on Friday as investors digested earnings reports from two mega-cap tech companies and the monthly jobs report.
Shares in Apple fell as the iPhone maker said revenue continued to decline, while Amazon stock jumped after earnings surged past expectations.
The newest jobs report from the Labor Department showed 187,000 new non-farm payroll positions were created in July, below forecasts.
But the unemployment rate dipped to 3.5%, and average hourly earnings climbed 0.4%, more than forecasts, indicating more inflationary pressure that could keep the Federal Reserve hawkish.
Here's where US indexes stood at the 9:30 am ET opening bell on Friday:
- S&P 500: 4,516.21, up 0.32%
- Dow Jones Industrial Average: 35,303.24, up 0.25% (87.35 points)
- Nasdaq Composite: 14,044.99, up 0.61%
Here's what else is happening this morning:
- Elon Musk joined Warren Buffett and Bill Ackman in calling short-term Treasury bonds a "no brainer."
- Hedge funds lost over $6 billion betting against cruise ships and hotels.
- Apple's unremarkable earnings report could wipe $60 billion of its market capitalization.
- Bill Gross dropped regional bank stocks and turned bearish on the 10-year Treasury.
- Markets have been rife with bullish optimism, but not everyone's onboard. Read 6 analyst takes who have bearish forecasts.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil edged up 0.38% to $82 per barrel. Brent crude, oil's international benchmark, rose 0.42% to $85.
- Gold dropped 1.93% to $1,930.64 per ounce.
- The yield on the 10-year Treasury fell 4 basis points up to 4.147%.
- Bitcoin fell 0.15% to $29,153.