- The major Wall Street indices opened in negative territory on Friday.
- Tech stocks are taking heavy losses ahead of the weekend.
- Defensive sectors are trading at modest losses after the opening bell.
The main US stock indices. They started the last day of the week in the red despite the upbeat labor market report. At time of writing, the Dow Jones Industrial Average was down 0.5% on the day to 28,250, the S&P 500 lost 0.52% to 3,490, and the Nasdaq Composite was down 1.15% to 11,937.
Headlines from US elections continue to impact sentiment
The latest figures from Pennsylvania showed that former Vice President Joe Biden has taken a small lead in the state of the battlefield and has given a boost to market sentiment. However, US President Donald Trump’s campaign was quick to respond with a statement, reaffirming its commitment to challenge the results in swing states.
Hours earlier, data released by the US Bureau of Labor Statistics revealed that nonfarm payrolls in October increased by 638,000 and beat the market’s expectation of 600,000.
Among the top 11 sectors, the risk-sensitive tech index was down 1.55% on the day. On the other hand, the Real Estate and Utilities defensive indices rose 0.5% and 0.8%, respectively.
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Credits: Forex Street
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