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Major U.S. equities indexes plunged following the release of the latest employment report, which showed the economy added fewer jobs than expected in August.
The most recent signal of labor market softness added to growing concerns about how the lengthy period of high interest rates affects the economy, perhaps adding a sense of urgency as Federal Reserve officials consider the timing and magnitude of rate cuts.
The S&P 500 dropped 1.7%, while the Dow closed Friday's session 1.0%. Underperformance in the communication and technology sectors weighed on the Nasdaq, which plummeted 2.6%.
Broadcom (AVGO) shares dove 10.4%, the biggest decline of any S&P 500 stock, after the chipmaker reported a loss for its fiscal third quarter and guided for current-quarter sales to come in below consensus estimates. Despite the strength of Broadcom's artificial intelligence (AI) segments, weakness in its broadband business and other divisions weighed on the results. Expenses related to Broadcom's acquisition of software firm VMware in November also contributed to the quarterly loss.
Tesla (TSLA) shares slipped 8.5% on Friday, giving back the strong gains posted in the prior session after the electric vehicle (EV) maker announced plans to launch full self-driving (FSD) cars in Europe and China in early 2025. Friday's reversal came amid reports highlighting potential regulatory barriers to FSD approval, particularly in Europe, as well as a story pointing to Tesla's market share struggles in China, where increasing sales of plug-in hybrid vehicles have intensified competition.
Shares of Albemarle (ALB), the world's largest lithium miner, fell 6.9% as lithium prices remained under pressure. Lithium futures prices in China dropped to their lowest level since the launch of the contracts in July 2023, reflecting high supply levels. Moreover, uncertainty surrounding the U.S. presidential election raises questions about the future of policies designed to encourage electric vehicle (EV) adoption, which could shape the future trajectory of lithium demand.
Dollar General (DG) shares logged the top daily performance in the S&P 500, jumping 2.7%. The stock lost nearly a third of its value on Aug. 29 after the discount retailer reported weaker-than-expected results for the second quarter and lowered its full-year revenue forecast. It fell again earlier this week when earnings from competitor Dollar Tree (DLTR) also underwhelmed. Despite the overhangs of macroeconomic pressure and restrained consumer spending, Dollar General's results included year-over-year sales growth in the consumables category.
Shares of telecom infrastructure SBA Communications (SBAC) were up 2.2%. In its most recent earnings report, released in late July, the cellular tower operator reported better-than-expected adjusted funds from operations (AFFO), with growth in site leasing revenue driven by new leasing activity in international markets. Shares of communications infrastructure peer Crown Castle (CCI) gained 2.0%.
United Airlines (UAL) shares climbed 2.0%. The gains for United followed positive comments from fellow carrier JetBlue (JBLU), which raised its full-year sales outlook on Thursday, noting strong summer travel demand. A decline in crude oil prices on Friday, suggesting a possibility of lower fuel costs ahead, provided an additional tailwind for United stock.
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Billionaire Prophet Jeremiah Fufeyin Welcomes Sextuplets in His Ministry
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Over 196 soldiers stationed in the North-East and other active regions have reportedly requested voluntary retirement from the Chief of Army Staff, Lt Gen Taoreed Lagbaja.
SaharaReporters reports that most of the soldiers resigning had indicated interest to join the military forces of other countries, including the British Army, Ukrainian Army, and other Commonwealth nations.
The soldiers, drawn from various formations of the army across the country according to the list obtained on Saturday, are all junior cadres.
The Chief of Army Staff has since approved their formal disengagement.
The list of the exiting soldiers did not distinguish between those embarking on voluntary retirement and those leaving the army on medical grounds.
However, none of them had neither attained retirement age nor the mandatory years of service.
The approval of their voluntary disengagement dated August 23 was signed by Brigadier OH Musa.
SaharaReporters recently reported moves by many soldiers to resign over poor welfare, inadequate equipment, and lack of motivation within the Nigerian Army.
Multiple sources who spoke to the newspaper had expressed frustration with the Nigerian government’s failure to provide them with decent living conditions, modern weapons, and adequate compensation to combat a series of non-state actors ravaging the country.
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A Nigerian couple is seeking answers after their baby was severely inj¥red at a daycare center in Okota, Lagos.
The dad, who shared graphic images of the baby’s face covered in br¥ises, told activist Harrison Gwamnishu that the child was att@cked on his first day at daycare.
“The owner of the school said another child did this to him, but doctors said it was an animal.
The woman doesn’t want to tell us the truth about what happened to our baby.
We have gone to the police, but she is using her money to cover it up because she is a wealthy woman. Please help us,” he said.
NB: We can’t post the GRAPHIC Images due to IG community guidelines. However, you can click the link in our bio to watch the video.
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Edo State governor, Godwin Obaseki, has announced an indefinite postponement of the resumption of all schools in the state due to the recent increase in fuel prices.
This was disclosed in a memo issued by the Permanent Secretary of the Ministry of Education, Ojo Akin-Longe, on Saturday, September 7.
“The Edo State Government hereby announces that the resumption of all public and private schools in Edo State, initially scheduled for Monday, September 9, 2024, has been postponed until further notice
This decision has been made in response to the rising tension and challenges resulting from the recent fuel price increase,” the memo reads.
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