Stocks edge higher on August jobs print, cooling unemployment

US stocks (^DJI, ^GSPC, ^IXIC) are cheery at Friday's market open following the August labor print released this morning. Morning Brief hosts Brad Smith and Madison Mills examine movements seen across Big Tech in the Nasdaq 100 (^NDX) this morning.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

And, oh my gosh.

All right.

We're not even gonna talk about the New York Stock Exchange and those Giants that they got ringing the opening bell over there.

Uh, the Eagles play tonight at eight for anybody who needs to know.

And then additionally, at the NASDAQ, you've got our cutest ringing the opening bell.

They get some fun Fetty.

Just take a good look at the NASDAQ fun group of folks over there.

Don't pay attention to those Giants jerseys that you see at the Nyse.

It's all good football fun here.

Uh, crazy game last night too, Maddie.

But anyway, this is Financial Show.

So we stay there, Mattie.

I'll to things on over to you.

That's the thanks Brad.

Well, it's interesting because I'm taking a look at what we're seeing on the major averages as they start to kind of, uh, here after we got that opening bell, I want to take a look at the two day chart here because you can see a little bit of that recovery that we were getting in the S and P 500 on the heels of that non farms payroll report.

It's not enough to erase some of the or the losses rather that we've seen throughout the past week.

And you can see here, the S and P is still down nearly 1.5%.

But I want to take a look at the NASDAQ intra day right here so that we can see as obviously, the market has just opened.

But you can see that the NASDAQ is up about 2/10 of a percent.

And it's interesting to me that we are seeing tech recovering, you can see all of your mag seven names here in the green following that jobs print.

And it's interesting to see even in which has had a tough week up about 3/10 of a percent.

This to me could be an indication that there was some signal of risk in that non farm payrolls print when you look under the hood, some of the data indicating some cracks in the labor market sometimes in the equity space.

The big tech names are considered some of the risk off moves because this market has been able to kind of rest on its laurels of the A I driven rally so much throughout the past year here, having said that really quickly wanna check on semis after those Broadcom earnings.

So we are seeing Broadcom still clearly in the red as it starts to head into the day's trade here after the market opened.

But we are seeing some gains on NVIDIA and Ts MC.

So it'll be interesting to see how the chip sector closes out the week.

Is that non farm payrolls print gonna be enough to lead to a broader rally within the tech space that hits the chip sector or is it just those mag seven names that are gonna lift the market today?

Brad.