Wall Street was under pressure Friday, April 6, after the U.S. added fewer jobs than expected in March. A hawkish speech from Fed chairman Jerome Powell didn't help sentiment, either.
The U.S. added 103,000 jobs in March. Analysts polled by FactSet expect the U.S. economy added 185,000 nonfarm jobs to the payroll in March, which would be a slowdown from the 313,000 jobs added in February. February's nonfarm payroll additions was the fastest in a month since July 2016.
The unemployment rate came in at 4.1%, steady from February's rate, a 17-year low. FactSet economists expect the U.S. unemployment rate for March to come in at 4%.
The Dow Jones Industrial Average fell 2.34%, or 574 points to 23,855, while the S&P 500 fell 2.2% and the Nasdaq dropped 2.3%.
Soros to Begin Trading Cryptocurrencies
In January George Soros said that cryptocurrency is a "typical bubble" at the World Economic Forum in Davos.
Three months later, his $26 billion Soros Fund Management has approved the trading of digital assets, Bloomberg reported Friday.
Adam Fisher, who oversees macro investing at the fund, reportedly got internal approval to trade digital currencies but has yet to do so, according to Bloomberg.
Goodyear Denies Tire Defect Allegations, Stock Falls Anyway
Shares of Goodyear Tire & Rubber (GT) were down 1.5% Friday afternoon after the National Highway Traffic Safety Administration said that it is looking into claims that the Goodyear tires used on recreation vehicles were prone to failure.
Goodyear has denied the claims that the tires' failures, which were sold over a period of two decades, were known to the company.
The NHTSA said that there were alleged defects in an estimated 40,000 G159 tires that were manufactured between 1996 and 2003.
Goodyear said that it is fully cooperating with regulators.
Ford Recalls 350,000 F-150s and Expeditions Due to Transmission Issue
Ford (F) recalled 350,000 F-150s trucks and Expedition SUVs due to a transmission issue that could cause the vehicles to slip out of park after the driver has parked the car and removed the keys.
2018 Ford F-150 trucks and 2018 Expedition SUVs with a 10-speed automatic transmission and 2018 Ford F-650 and F-750 vehicles with 6-speed automatic transmissions are subject to the recall.
The recall entails 347,425 vehicles in North America, including 292,909 in the U.S., 51,742 in Canada and 2,774 in Mexico. The reference number for the recall is 18S10.
U.S. Job Growth Misses Mark in March
The U.S. economy added 103,000 jobs in March, well below consensus expectations of 178,000 as the U.S. unemployment rate held at 4.1% in the month.
The unemployment rate remains at its lowest level since December 2000.
Employers added 326,000 jobs in February and 176,000 in January, a downward revision of 50,000.
Delta Hack Exposed Customer Credit Card Data
Delta Air Lines (DAL) says that a March 28 malware attack on /7.ai Inc., the company that runs the chat function on Delta's website, exposed the credit card information of hundreds of thousands of customers.
Customer transactions occurring between September 26 and October 12 are the ones believed to be compromised.
Sears Holdings SHLD was a victim of a similar attack on the same vendor that occurred around the same time as Delta's hack.
China Doesn't Back Down From Deepening Trade War
President Donald Trump's threat to place more tariffs on Chinese import has the country firing back, saying that it will retaliate "at any cost" against U.S. tariffs.
Trump threatened to impose an additional $100 billion in tariffs on Chinese goods due to what he called China's "unfair retaliation" against U.S. tariffs.
Earlier this week China announced tariffs on a list of 106 U.S.-made products, just hours after Trump imposed tariffs on 1,300 Chinese industrial, transport and medical products.
U.S. futures were declining sharply ahead of the market open Friday, suggesting that markets will have an uphill climb following Thursday afternoon's rally.
Dow futures were falling 0.86%, indicating an open 210 points lower, while Nasdaq futures fell 0.95%, indicating an open 63 points lower and S&P futures fell 0.8%, indicating an open 22 points lower.
World markets weren't fairing much better.
In Asia, the Hang Seng was the lone major index to climb, rising 1.11%. Meanwhile, the Shanghai Composite and Nikkei fell 0.18% and 0.36% respectively.
In Europe, all three major indices were trading lower, led by the DAX which declined 0.65% with about four hours left in trading.