US open: Shares start higher after NFP; Amazon surges on results beat

by | Aug 4, 2023

(Sharecast News) – US stocks opened higher on Friday as traders mulled the impact of the latest job report on future interest rate moves by the Federal Reserve.

The Dow Jones industrial average was up 0.52% or 192 points to 35,408, in early deals while the S&P 500 index rose 0.59% to 4,530 and the tech-focused Nasdaq Composite 0.77% higher at 14,064.

Official data showed 187,000 jobs were added in July, less than the 200,000 expected by economists, while the unemployment rate also ticked lower to 3.5% from 3.6%.

Average hourly wages came in ahead of expectations, rising 0.4% for the month, and 4.4% on an annualised basis. That was slightly ahead of the 0.3% and 4.2% expected, respectively.

Shares in Amazon were up almost 10% as the ecommerce giant beat forecasts last night to report sales up 11% to $134.4bn in the last quarter. The company reported a quarterly profit of $6.7bn – almost double analysts’ expectations.

Amgen gained on strong earnings.

Reporting by Frank Prenesti for Sharecast.com

Related articles

US open: New trading year starts with early losses

US open: New trading year starts with early losses

(Sharecast News) - Wall Street stocks were in the red early on Tuesday as the market comes off an unexpectedly strong year for major indices. As of 1525 GMT, the Dow Jones Industrial Average was down 0.05% at 37,672.04, while the S&P 500 fell 0.64% to 4,739.54 and the...

US open: Stocks flat going into final session of 2023

US open: Stocks flat going into final session of 2023

(Sharecast News) - Wall Street stocks were little changed at the beginning of the final session of 2023 as traders prepared to wrap up a banner month, quarter, and year for stocks. As of 1520 GMT, the Dow Jones Industrial Average and S&P 500 were both up 0.01% at...

US open: Dow Jones continues to march higher

US open: Dow Jones continues to march higher

(Sharecast News) - Wall Street stocks were mixed at the opening bell on Wednesday as the S&P 500 neared an all-time high. As of 1520 GMT, the Dow Jones Industrial Average was up 0.14% at 37,596.15, while the S&P 500 was down 0.06% at 4,772.00 and the Nasdaq Composite...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x