US open: Stocks extend losses despite better than expected jobs report

Wall Street stocks were in the red early on Friday as stocks continued to head south following the previous session's massive sell-off despite a slightly better than expected nonfarm payrolls report.

As of 1515 BST, the Dow Jones Industrial Average was down 1.16% at 32,614.97, while the S&P 500 was 1.36% weaker at 4,090.28 and the Nasdaq Composite came out the gate 194.34 softer at 12,123.35.

The Dow opened 383.0 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 was also weighing on equities early 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, March consumer credit change figures will be published at 2000 BST.

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

McDonald's Corp. (MCD) $250.76 0.74%
Walgreens Boots Alliance, Inc. (WBA) $44.08 0.69%
Procter & Gamble Co. (PG) $155.00 0.35%
Coca-Cola Co. (KO) $64.70 0.29%
International Business Machines Corporation (CDI) (IBM) $136.32 0.29%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Verizon Communications Inc. (VZ) $47.81 -0.07%
Merck & Co. Inc. (MRK) $87.93 -0.09%
Unitedhealth Group Inc. (UNH) $494.11 -0.12%

Dow Jones - Fallers

Nike Inc. (NKE) $110.93 -6.49%
Salesforce.Com Inc. (CRM) $166.20 -3.54%
Walt Disney Co. (DIS) $108.90 -3.29%
Home Depot Inc. (HD) $290.09 -3.02%
American Express Co. (AXP) $166.41 -2.69%
Boeing Co. (BA) $146.48 -2.65%
Caterpillar Inc. (CAT) $211.07 -2.25%
Microsoft Corp. (MSFT) $271.85 -1.98%
Visa Inc. (V) $201.25 -1.94%
Dow Chemical Co. (DOW) $67.17 -1.90%

S&P 500 - Risers

Unum Group (UNM) $34.80 9.05%
CIGNA Corp. (CI) $263.92 4.70%
McKesson Corp. (MCK) $325.38 3.22%
Eog Resources Inc. (EOG) $127.38 3.21%
NRG Energy Inc. (NRG) $38.83 2.97%
Kellogg Co. (K) $71.77 2.19%
Monster Beverage Corp (MNST) $84.60 1.88%
Pioneer Natural Resources Co. (PXD) $260.82 1.69%
CVS Health Corp (CVS) $99.26 1.57%
Charter Communications Inc. (CHTR) $462.33 1.34%

S&P 500 - Fallers

Under Armour Inc. Class A (UAA) $10.45 -26.84%
Under Armour, Inc. (UA) $9.76 -26.60%
Illumina Inc. (ILMN) $243.50 -16.53%
News Corp Class A (NWSA) $17.55 -11.05%
News Corp Class B (NWS) $17.54 -10.46%
Dish Network Corp. (DISH) $25.03 -8.90%
Svb Financial Group (SIVB) $472.60 -7.94%
Nektar Therapeutics (NKTR) $4.15 -6.53%
Nike Inc. (NKE) $110.93 -6.49%
Nordstrom Inc. (JWN) $24.09 -6.41%

Nasdaq 100 - Risers

Monster Beverage Corp (MNST) $84.60 1.88%
Mercadolibre Inc. (MELI) $925.90 1.39%
Charter Communications Inc. (CHTR) $462.33 1.34%
Walgreens Boots Alliance, Inc. (WBA) $44.08 0.69%
Kraft Heinz Co. (KHC) $43.24 0.23%
Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%
Shire Plc Ads (SHPG) $179.20 0.00%
Xilinx Inc. (XLNX) $194.92 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Celgene Corp. (CELG) $108.24 0.00%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $3.30 -23.43%
Illumina Inc. (ILMN) $243.50 -16.53%
Dish Network Corp. (DISH) $25.03 -8.90%
JD.com, Inc. (JD) $55.63 -6.33%
Trip.com Group Limited (TCOM) $21.06 -6.07%
Netflix Inc. (NFLX) $177.11 -5.95%
Idexx Laboratories Inc. (IDXX) $363.08 -5.72%
Paypal Holdings Inc (PYPL) $81.09 -5.08%
Expedia Group Inc. (EXPE) $132.66 -4.90%
Synopsys Inc. (SNPS) $268.95 -4.74%