News Headline Summary

US EQUITY WRAP: Equities slumped into the weekend off the back of a weaker than expected NFP

US equities jumped, tripped, and fell into the weekend, led lower by the NASDAQ 100 as biotech and momentum stocks again weighed on the index and with post-NFP position squaring seen heading into the close. Markets opened higher off the headline Nonfarm payrolls release, and E-Mini S&P futures hit a record level at 1892.50, before the negative aspects of the NFP report took hold and knocked markets off highs, as average hourly earnings fell well below expectations and the unemployment rate remained unchanged despite being expected to fall. Momentum names in the biotech index continued their downward trend driving the NASDAQ lower, with large components Facebook (-4.66%) and Amazon (-3.25%) also contributing to the decline as both companies entered bear markets. Finally, the DJIA finished down 0.95% at 16,414.44, the S&P 500 down 1.25% at 1,865.24, and the NASDAQ 100 down 2.7% at 3,539.38. For the week, the DJIA finished up 0.56% at 16,414.44, the S&P 500 up 0.41% at 1,865.24, and the NASDAQ 100 down 0.67% at 3,539.38.

04 Apr 2014 - 16:00 - - Source: RANsquawk

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