US close: Stocks extend losses following nonfarm payrolls report

Wall Street stocks closed lower on Friday as stocks continued to head south despite a slightly better than expected nonfarm payrolls report.

At the close, the Dow Jones Industrial Average was down 0.30% at 32,899.37, while the S&P 500 was 0.57% weaker at 4,123.34 and the Nasdaq Composite saw out the session 1.40% softer at 12,144.66.

The Dow closed 98.60 points lower on Friday, extending losses recorded in the previous session when the blue-chip index shed more than 1,000 points and delivered its worst single-day performance since 2020.

Friday's primary focus was news that hiring in the US continued growing at a steady pace last month. According to the Department of Labor, nonfarm payrolls increased by 428,000 in April, ahead of the rise of 390,000 pencilled in by economists.

The rate of unemployment was unchanged from the month before at 3.6%, as expected, while average hourly earnings expanded at a year-on-year pace of 5.5% - one-tenth of a percentage point less than in March but also in line with consensus estimates. However, the labour force participation rate was seen as somewhat of a weak area, little changed month-on-month and still 1.2% below pre-Covid levels.

The Treasury market also weighed on equities on Friday, with the yield on the benchmark 10-year note rising above 3.12% for the first time since 2018.

Elsewhere on the macro front, US consumer credit increased by $52.43bn in March, according to the Federal Reserve, up from a downwardly revised $37.7bn gain in the prior month, and well ahead of market expectations of $25bn, for the biggest monthly gain since December 2010. On an annual basis, consumer credit grew 14% following a downwardly revised 10.2% increase in February.

In the corporate space, Dish Network reported first-quarter earnings of $0.68 per share, just short of the $0.69 expected on the Street, on revenues of $4.33bn, which were also missed estimates of $4.38bn, while Under Armour shares slumped after the sportswear company's earnings missed estimates on both the top and bottom lines.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Chevron Corp. (CVX) $170.69 2.66%
International Business Machines Corporation (CDI) (IBM) $137.67 1.29%
Procter & Gamble Co. (PG) $156.00 1.00%
Unitedhealth Group Inc. (UNH) $499.62 0.99%
Amgen Inc. (AMGN) $236.50 0.92%
Verizon Communications Inc. (VZ) $48.27 0.90%
McDonald's Corp. (MCD) $250.78 0.75%
Walgreens Boots Alliance, Inc. (WBA) $43.99 0.48%
Merck & Co. Inc. (MRK) $88.41 0.43%
Coca-Cola Co. (KO) $64.74 0.36%

Dow Jones - Fallers

Nike Inc. (NKE) $114.49 -3.49%
American Express Co. (AXP) $167.15 -2.26%
Walmart Inc. (WMT) $149.56 -2.08%
Walt Disney Co. (DIS) $110.29 -2.06%
Home Depot Inc. (HD) $294.31 -1.60%
Salesforce.Com Inc. (CRM) $169.70 -1.51%
Visa Inc. (V) $202.82 -1.18%
Boeing Co. (BA) $148.90 -1.04%
Microsoft Corp. (MSFT) $274.73 -0.94%
Dow Chemical Co. (DOW) $67.93 -0.79%

S&P 500 - Risers

Unum Group (UNM) $36.31 13.79%
NRG Energy Inc. (NRG) $41.40 9.79%
Eog Resources Inc. (EOG) $132.22 7.13%
Hess Corp. (HES) $117.25 7.01%
Apache Corp. (APA) $44.11 6.80%
McKesson Corp. (MCK) $333.50 5.95%
CIGNA Corp. (CI) $266.90 5.88%
Pioneer Natural Resources Co. (PXD) $270.18 5.34%
ConocoPhillips (COP) $107.69 4.70%
Monster Beverage Corp (MNST) $86.67 4.37%

S&P 500 - Fallers

Under Armour, Inc. (UA) $9.85 -25.88%
Under Armour Inc. Class A (UAA) $10.89 -23.79%
Dish Network Corp. (DISH) $22.22 -19.14%
Illumina Inc. (ILMN) $249.05 -14.63%
News Corp Class B (NWS) $16.91 -13.68%
News Corp Class A (NWSA) $17.11 -13.28%
TripAdvisor Inc. (TRIP) $22.87 -11.36%
Fortinet Inc. (FTNT) $266.37 -6.38%
Ball Corp (BLL) $71.91 -6.37%
Nordstrom Inc. (JWN) $24.18 -6.06%

Nasdaq 100 - Risers

Monster Beverage Corp (MNST) $86.67 4.37%
Henry Schein Inc. (HSIC) $85.76 2.78%
Cognizant Technology Solutions Corp. (CTSH) $75.52 2.61%
NortonLifeLock Inc. (NLOK) $24.70 2.45%
Dollar Tree Inc (DLTR) $164.39 1.83%
eBay Inc. (EBAY) $48.81 1.60%
Mercadolibre Inc. (MELI) $927.55 1.57%
Kraft Heinz Co. (KHC) $43.59 1.04%
Booking Holdings Inc. (BKNG) $2,194.23 1.03%
Amgen Inc. (AMGN) $236.50 0.92%

Nasdaq 100 - Fallers

Dish Network Corp. (DISH) $22.22 -19.14%
Qurate Retail Inc. (QRTEA) $3.65 -15.31%
Illumina Inc. (ILMN) $249.05 -14.63%
JD.com, Inc. (JD) $55.61 -6.36%
Baidu Inc. (BIDU) $116.76 -5.90%
Expedia Group Inc. (EXPE) $132.33 -5.14%
Trip.com Group Limited (TCOM) $21.30 -5.00%
Take-Two Interactive Software Inc. (TTWO) $114.27 -4.96%
Idexx Laboratories Inc. (IDXX) $366.64 -4.80%
Vertex Pharmaceuticals Inc. (VRTX) $253.93 -4.67%