S&P 500 stays in the negative territory below 3,500

Wall Street's main indexes opened in the negative territory on Friday.
Technology shares are suffering heavy losses ahead of the weekend.
Defensive sectors trade with modest losses after the opening bell.

Eren Sengezer FXStreet

Major equity indexes in the US started the last day of the week in the red despite the upbeat labour market report. As of writing, the Dow Jones Industrial Average was down 0.5% on the day at 28,250, the S&P 500 was losing 0.52% at 3,490 and the Nasdaq Composite was falling 1.15% at 11,937.

US election headlines continue to impact sentiment

The latest figures from Pennsylvania showed that former Vice President Joe Biden has taken a small lead in the battleground state and provided a boost to market sentiment. However, US President Donald Trump's campaign quickly responded with a statement and reaffirmed their commitment to challenging the results in swing states.

Earlier in the day, the data published by the US Bureau of Labor Statistics revealed that Nonfarm Payrolls in October rose by 638,000 and beat the market expectation of 600,000.

Among the 11 major sectors, the risk-sensitive Technology Index is down 1.55% on the day. On the other hand, the defensive Real Estate and Utilities indexes are up 0.5% and 0.8%, respectively.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD recedes to daily lows near 1.1850

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GBP/USD resumes the downtrend, back to the low-1.3600s

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It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

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