Dow Jones Today: Index Falls After Soft Jobs Report - Investopedia

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Key Takeaways

• Drugmakers Amgen and Merck helped lead the Dow lower.
• Industrial stocks 3M, Caterpillar, and Dow Chemical were among the Dow’s best performers.
• Shares of Chevron rose on falling U.S. crude oil inventories.
  

Falling in late trading, the Dow Jones Industrial Average (DJIA) slipped 0.6%, or about 190 points, to end a holiday-shortened week on a downward trend as investors digested a jobs report that showed some signs of the market cooling. 

The Labor Department’s payroll report came in lower than expected, but it still remained strong enough to stoke investor worries that the Federal Reserve will go ahead with an interest rate hike on July 26. The economy added 209,000, fewer than forecast, but the report’s continued strong wage growth was part of the data that showed the job market remained healthy, likely keeping upward pressure on inflation. 

The Dow Jones ended the first week of July down about 1.6% after finishing the first half of the year on a high note. The Nasdaq finished 0.3% higher but still dropped about 0.6% on the week, while the S&P 500 ended the week down 0.6% after finishing the session flat. 

U.S. crude oil inventories fell more than expected, helping send oil futures higher by 2.8% while also pushing Chevron (CVX) shares up 0.9%.

The weaker-than-expected jobs report also helped push Treasury yields lower, with bank stocks responding by moving higher, as JPMorgan Chase shares (JPM) increased by 0.7% and Goldman Sachs (GS) shares rose by 0.7%. 

Caterpillar (CAT) moved up 1.92% to lead the Dow 30 higher, with 3M (MMM) following by moving 1.04% higher and Dow Chemical (DOW) rising about 0.6% as the industrial sector pushed higher by 0.2%.

Drugmakers Merck & Co. (MRK)  and Amgen (AMGN) led the declines following the news that the U.S. Food and Drug Administration approved an Alzheimer’s disease treatment manufactured by Biogen (BIIB) and Japanese pharmaceutical company Eisai. Merck shares were down 2.46%, while Amgen fell 1.94%. Biogen shares declined as well, dropping 3.48%, as the healthcare sector saw a 1.1% drop. 

Walmart (WMT) shares dropped 2.3%, Procter & Gamble (PG) declined 2.1%, and Johnson & Johnson (JNJ) dropped 1.45%, part of a 1.3% decline in the consumer staples sector.

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