Stocks open mixed after 162,000 jobs added fuel Fed rate-hike concerns

  • U.S. stocks opened mixed Friday after August payroll growth exceeded forecasts.
  • 162,000 jobs were added in August, versus economists’ 56,000 estimate.
  • Immuron shares jumped 63% after the company announced a U.S. distribution agreement.

U.S. stocks opened mixed Friday after the economy added 162,000 jobs in August, far exceeding the 56,000 estimate and raising concerns that the Fed may need to raise interest rates at its upcoming policy meeting. The Dow Jones Industrial Average fell 0.24% to 53,559.76, the S&P 500 declined 0.08% to 7,741.67 and the Nasdaq gained 0.04% to 26,595.11. Technology shares rose 0.7%, while energy stocks fell 1.5%. The unemployment rate held at 4.1%, and average hourly earnings increased 0.3% from July, taking annual wage growth to 3.1%. Oil, gold and silver prices declined, while copper edged higher. Immuron, CDT Environmental Technology and American Outdoor Brands rallied, whereas Intercont, Turbogen and BioXcel Therapeutics fell sharply.

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