The U.S. unemployment rate fell to 8.4% last month from 10.2% in July, the Labor Department said. Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall jobs creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million. “The jobs data today were solid,” said Jamie Cox, managing partner at Harris Financial Group. “However, now the real work begins. The next 2-3% of employment gains are going to be very tough because there is no total reopening in sight.”

The report was not enough to push the markets into the green, however.

JPMorgan Chase and Citigroup both gained 2% as traders rotated into more beaten-down names. Boeing also climbed 1.4%. Apple, meanwhile, closed slightly higher after a late-day rally. Tesla ended the session 2.8% higher after dropping as much as 8.6%.

It will be a shortened trading week as U.S. markets are closed on Monday for Labor Day.

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Plan A : Short if market failed to support above 3392. Targets are 3365, 3342 and 3314.

Plan B : Long if market supported firm above 3392. Targets are 3410, 3425 and 3441.

E-Mini Nasdaq

The Nasdaq was on track for its worst two-day fall since March on Friday as investors dumped heavyweight technology stocks, while concerns around a patchy economic recovery also hit the S&P 500 and the blue-chip Dow.

The tech-heavy Nasdaq fell as much as 9.9% from Wednesday’s all-time record high and the S&P 500 dipped briefly below its February peak.

Mega-cap companies Apple Inc, Microsoft Inc, Amazon.com Inc and Facebook Inc, were down between 1.9% and 3.6%.

Losses were more pronounced in the Nasdaq, which have powered the stock market’s stellar recovery from the coronavirus-led crash, climbing as much as 82% from March lows. The benchmark S&P 500 and Dow have surged about 60% from their troughs.

Earlier in the day, the Labor Department’s closely watched employment report showed jobless rate fell to 8.4% from 10.2% in July, steeper than economists’ forecast of 9.8%. Non-farm payrolls, however, increased less than expected last month.

The data added pressure on the White House and Congress to restart stalled negotiations over the next coronavirus relief package to lift the economy out of the worst recession since the Great Depression.

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Plan A : Short if market failed to support above 11375. Targets are 11331, 11294 and 11230.

Plan B : Long if market supported firm above 11375. Targets are 11400, 11432 and 11469.

HSI

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Plan A : Consider buy if oil price tumbles but holds resiliently above 38.7
Plan B : Exit below 38.0
Plan C : Attempt selling if oil price trades below 39.9
Plan D : Cut above 40.7
 

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Plan A : Attempt buy if gold price trades firmly above 1910.1
Plan B : Cut below 1901
Plan C : Consider selling if gold price surges but fails to breach above 1966
Plan D : Cut above 1972

Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.