9:00am (EST)
The bears were on the attack right from the opening bell on Thursday and did some early damage before the bulls came back to make up the majority of the losses before the whistle blew.
The Dow lost 41 points and ended at 9,732 while the S&P finished 3 points lower to 1,027. The Nasdaq closed at 2,101 – down 8 points.
Of course, nothing that happened yesterday matters because the highly anticipated nonfarm payroll figures just came out. And it was nasty.
Futures were flat going into this morning’s action and got a little bump after Wall Street found out the June unemployment rate came in at 9.5% and the private sector added 83,000. Many were expecting the sector to add at least 100,000 jobs.
It appears the report won’t have a major impact at the open but trading will likely be choppy as traders look for direction out of the gate. We also have a 3-day weekend coming up so we are expecting a little selling pressure before the day is through.
The bottom line is we are still in a bear market. Subscribers, check the Members Area for the updates.
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