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Wall Street Tumbles Pre-Bell as US Economy Adds 528,000 Jobs

MT Newswires ·  {{timeTz}}

09:27 AM EDT, 08/05/2022 (MT Newswires) -- US stocks turned lower ahead of Friday's opening bell as traders digested monthly jobs data for clues on the health of the US economy.

Dow Jones Industrial Average futures were 0.7% lower, S&P 500 futures fell 1.1%, while Nasdaq futures slumped 1.5%.

Oil prices fell, with front-month global benchmarks Brent crude down 0.7% and West Texas Intermediate crude down 1%, hovering around multi-month lows amid fears of a possible recession following Bank of England's gloomy outlook

At 8:30 am ET, data showed a 528,000 increase in nonfarm payrolls in July, more than double than estimates for a 250,000 increase, compared with an upwardly revised 398,000 increase in June. The unemployment rate fell to 3.5%, compared with estimates for a no change at 3.6%, according to Bloomberg data.

In other world markets, Japan's Nikkei closed 0.9% higher, Hong Kong's Hang Seng closed 0.1% higher, and China's Shanghai Composite closed 1.2% higher. Meanwhile, UK's FTSE 100 fell 0.2% and Germany's DAX index declined 0.6% in Europe's early afternoon session.

In equities, shares of DoorDash (DASH) were up more than 5% higher pre-bell after the company posted higher Q2 revenue. US Well Services (USWS) shares increased nearly six fold after the company said it has implemented a one-for-six reverse stock split. Marker Therapeutics (MRKR) nearly doubled after the company said the US Food and Drug Administration cleared the company's investigational new drug application for a non-Hodgkin lymphoma treatment.

On the losing side, Hyzon Motors (HYZN) shares slumped 36% after the company said it plans to renegotiate a pending deal to acquire the equity interest of its joint venture partner in Hyzon Motors Europe. Finance of America (FOA) shares decreased nearly 14% after the company swung to a Q2 adjusted loss.

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