Thursday’s (9/1) bullish attempt proved to be temporary, with Wall Street returning to its familiar “path” of losses despite a bullish start to today’s (9/2) session. In fact, the main indices recorded the third consecutive week with a negative sign.
In particular, on Friday the Dow Jones industrial average fell 1.07% to 31,318.44 points, the broader S&P 500 lost 1.03% to 3,926 points and the technology Nasdaq slipped 1.31% to 11,630.86 points. For the week, the Dow Jones lost 2.99%, the S&P 500 lost 3.28% and the Nasdaq sank 4.21%.
In the day’s highlights, which worked beneficially at the start of today’s Wall Street session, the US Labor Department announced that 315,000 jobs were created in August from 528,000 in July and 398,000 in June. Meanwhile, the US unemployment rate rose to 3.7% from 3.5% in July.
At the same time, industrial orders in the US recorded a contraction in July, according to data announced by the US Department of Commerce. In particular, orders fell 1% against an increase of 1.8% in June. This is the first drop after 9 consecutive months of rise.
Strong weekly decline for oil
Oil prices rose slightly in Friday’s session, which was not enough to significantly limit the “black gold’s” strong losses on a weekly basis.
Investors’ eyes are on the meeting of OPEC and its allies early next week, which are expected to ease the production cuts introduced after the outbreak of the pandemic in early 2020. It is recalled that last month OPEC+ agreed to a moderate raising output by 100,000 barrels per day for September, although surveys show production remains below target.
In terms of oil prices, U.S. WTI crude for October delivery gained 26 cents, or 0.3%, to $86.87 a barrel, having earlier touched $89.66. On a weekly basis, it fell by 4.6%. Meanwhile, Brent for November delivery added 66 cents, or 0.7%, to $93.02 a barrel, down nearly 6.1% on the week.
Weekly losses for metals as well
Gold closed with gains today, after yesterday’s losses that brought the precious metal to its lowest level in the last month and a half. Silver rebounded from two-year lows, but both precious metals were down for the week.
In more detail, gold for December delivery strengthened by $13.30, or 0.8%, to $1,722.60 an ounce. However, it fell 1.6% on the week, according to Dow Jones Market Data.
Silver for December delivery added 21 cents, or 1.2%, to $17.881 an ounce, while for the week it lost 4.6%. Finally, copper for December delivery lost one cent, or 0.2%, to $3.4135 a pound, down 7.7% on the week.