The Bureau of Labor Statistics (BLS) reported 142,000 new non-farm jobs were created in the month of August. This falls well short of the 225,000 monthly average of new jobs created through the end of July. US markets have not responded negatively to this news, with broad US benchmarks remaining up this week. Part of the market optimism could stem from the push that the result of this weak jobs report could mean low interest rates may continue well into the future.
“Despite the worst monthly jobs report coming out of the BLS since December of 2013, the US markets have continued to propel forward,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 0.98% since Friday’s close. Year-to-date performance for the index is up 20% after being above 20% at the end of February, and down 5% by mid-April. Amgen is up 1.2%, this week.
- PHLX OIL SERVICE SECTOR (OSX) was up 0.15% as of noon Wednesday. The price of oil is currently $94.19 per barrel, up $2 from last week.
- PHLX Gold/Silver Sector (XAU) was up 0.27% as of noon Wednesday. The price of gold is currently $1,235 per ounce, up $4 from last week.
INDEX TO WATCH
- The NASDAQ Global Index is a float adjusted market capitalization-weighted index, and tracks the performance of 98% of the listed market cap in the global equity space. The index is rebalanced semi-annually, on the close of trading the third Friday in March and September. The September semi-annual evaluation will occur Friday, September 19. The index currently includes 9,054 securities. The index is up 0.2% this week but up 11.2% year-over-year.