The major averages have climbed off their worst levels in recent trading but remain firmly negative. The Dow is down 100.56 points or 0.6% at 16,462.74, the Nasdaq is down 38.07 points or 0.9% at 4,331.70 and the S&P 500 is down 11.33 points or 0.6% at 1,919.34.
The weakness that has emerged on
Despite the continued job growth, the
The report also showed only a modest uptick in average hourly earnings, easing some of the recent concerns about the outlook for interest rates.
However, a separate report from the
The ISM said its purchasing managers index climbed to 57.1 in July from 55.3 in June, with a reading above 50 indicating growth in the manufacturing sector. Economists had been expecting the index to edge up to a reading of 56.0.
With the bigger than expected increase, the manufacturing index came in just above last November's reading of 57.0 and hit its highest level since reaching 58.9 in April of 2011.
Traders are also digesting reports on personal income and spending, consumer sentiment, and construction spending while also keeping an eye on developments overseas.
After helping to lead the markets lower in the previous session, networking stocks are showing another notable move to the downside. The NYSE Arca Networking Index has tumbled by 2.1%, falling to its lowest intraday level in well over two months.
Within the networking sector,
Computer hardware stocks are also adding to yesterday's steep losses, with the NYSE Arca Computer Hardware Index falling by 1.8%. The index is pulling back further off the record closing high it set on Wednesday.
Significant weakness has also emerged among banking stocks, as reflected by the 1.8% loss being posted by the Dow Jones Banks Index. JP Morgan (JPM) is turning in one of the sector's worst performances, falling by 2.8%.
Brokerage, energy, software, and telecom stocks have also come under pressure on the day, extending the broad based weakness seen on Thursday.
In overseas trading, stock markets across the
The major European markets also moved to the downside on the day. While the German DAX Index plunged by 2.1%, the French CAC 40 Index tumbled by 1% and the
In the bond market, treasuries have moved notably higher amid the continued weakness on
Most Popular Stories
- Concur Sold to SAP for $8.3B
- Federal Probe Finds Christie Did Not Order 'Bridgegate'
- Five Steps to Protect Yourself from Data Breaches
- 10 Things to Know About Alibaba
- Intruder Gets into White House
- Chrysler Recalls Nearly 189,000 SUVs
- HCL America Adding 1,200 IT Jobs
- Medical Mfg. Jobs Coming to Dayton
- Longtime Unemployed to Get Help in Las Vegas
- Michael Jackson, Freddie Mercury on Previously Unreleased Queen Cut