The stock markets in the United States ended the trading session down as investors reacted to the jobs report from the Department of Labor. The agency reported that the economy added 173,000 jobs in August, and the unemployment rate was 5.1%, the lowest since April 2008.
In an interview with Bloomberg, Patrick Blais, a fund manager at Manulife Asset Management said,” It’s “a glass-half-empty kind of day. Right now there’s a lot of nervousness, so it’s natural for the market to react aggressively.”
Gates Capital Management's Excess Cash Flow (ECF) Value Funds have returned 14.5% net over the past 25 years, and in 2021, the fund manager continued to outperform. Due to an "absence of large mistakes" during the year, coupled with an "attractive environment for corporate events," the group's flagship ECF Value Fund, L.P returned 32.7% last Read More
On the other hand, Mark Spellman, a fund manager at Alpine Funds in Purchase commented that the market weakness was primarily caused by the continued concerns about the global economic growth. He said, “There’s a risk-off mentality rather than a risk-on one going into a three-day weekend for the U.S. and after the Chinese markets have been closed for four days.”
Meanwhile, Mark Kepner, an equity trader at Themis Trading LLC noted that it is the first time for the market to have no idea regarding the potential decision of the Federal Reserve regarding the interest rates. He said, “Right now you’re looking at the overall uncertainty, and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”
- Dow Jones Industrial Average (DJIA) – 16,102.38 (-1.66%)
- S&P 500- 1,921.22 (-1.53%)
- NASDAQ- 4,683.92 (-1.05%)
- Russell 2000- 1,137.95 (-0.63%)
- EURO STOXX 50 Price EUR- 3,180.25 (-2.75%)
- FTSE 100 Index- 6,042.92 (-2.44%)
- Deutsche Borse AG German Stock Index DAX- 10,038.04 (-2.71%)
- Nikkei 225- 17,792.16 (-2.15%)
- Hong Kong Hang Seng Index- 20,840.61 (-0.45%)
- Shanghai Shenzhen CSI 300 Index- 3,365.83 (+0.11 %)
Stocks in Focus
The stock price of KaloBios Pharmaceuticals surged more than 29% to $3.92 per share despite the lack of relevant news that may cause a significant upside. The company is the bigger gainer on NASDAQ.
UTi Worldwide declined more than 12% to $5.72 per share after reporting second-quarter financial results that missed the consensus estimate of Wall Street analysts. The company posted a loss of $0.70 per share on $913.93 million in revenue. Analysts expected UTi Worldwide to report a loss of $0.05 per share on $1.05 billion in revenue.
The stock value of Presbia climbed more than 14% to $7.35 per share. The company recently announced that it has scheduled the remaining treatments to complete the second stage enrollment of its U.S. Food and Drug Administration (FDA) pivotal study of its Presbia Flexivue Microlens.