Dow falls 130 points at the open after April jobs report fails to jolt stock market higher – MarketWatch

U.S. stock-index benchmarks on Friday slumped at the open, with all the main equity gauges set for a weekly drop, after a report on April jobs showed that fewer-than-expected jobs were created in the month, while wages grew at a cooler-than-expected pace. The Labor Department showed that 164,000 jobs were created in April, below the 188,000 estimated. Separately, the unemployment rate fell to 3.9% from 4.1%, the first time the jobless rate has dropped below 4% since the end of 2000, but that decline came as labor participation also declined. The Dow Jones Industrial Average DJIA, +1.39% meanwhile, slipped 120 points, or 0.5%, at 23,812, the S&P 500 index SPX, +1.28% fell 12 points, or 0.5%, at 2,617, while the Nasdaq Composite Index COMP, +1.71% retreated by 20 points, or 0.3%, at 7,067. For the week, the Dow is set for a decline of 2.2%, the S&P 500 is poised for a 2% drop, while the Nasdaq is on track for a weekly fall of 0.8%. Also driving sentiment was a focus on global trade tensions, with China and the U.S. holding tense talks in Beijing to resolve their tit-for-tat trade spat. In corporate news, Apple’s stock AAPL, +3.92% is likely to be in focus after CNBC reported that Warren Buffett acquired 75 million shares of the iPhone maker in the first quarter.