Fly Intel: Wall Street's top stories at midday
Stocks opened lower following the monthly jobs data. More jobs were created than predicted in August and wages increased, but the month of July saw an adjustment lower that may have taken investors by surprise. The market opened in negative ground, but the averages saw their lows a short time after the open and began to drift up from their opening prices. The Nasdaq was the first of the major averages to move into positive ground, followed by the S&P. The Dow briefly crossed into the green, but is struggling near noon to stay above the flatline. ECONOMIC EVENTS: In the U.S., nonfarm payrolls rose 201,000 in August, while the unemployment rate was steady at 3.9%. Average hourly earnings increased 0.4% month-over-month and climbed 2.9% year-over-year. The 157,000 increase in July jobs was revised down to 147,000. COMPANY NEWS: Shares of Tesla (TSLA) have dropped 5% after the company's chief accounting officer resigned following just about a month in the role. Dave Morton, who was named Tesla's chief accounting officer on July 30, said he resigned because "the level of public attention placed on the company, as well as the pace within the company," exceeded his expectations and caused him to "reconsider" his future. News of Morton's departure followed CEO Elon Musk's "marijuana and whiskey" podcast interview with Joe Rogan, during which the executive appeared to share a blunt and drinks with the stand up comic. MAJOR MOVERS: Among the notable gainers was Broadcom (AVGO), which gained 8% after the company issued a "beat and raise" quarterly report that prompted an upgrade from BofA Merrill Lynch of the stock to Buy. Also higher following their earnings reports were Okta (OKTA), Domo (DOMO) and Five Below (FIVE). Among the noteworthy losers was Molson Coors (TAP), which fell 4% after Jefferies analyst Kevin Grundy started coverage of the stock with an Underperform rating and $55 price target. Also lower were shares of Criteo (CRTO), which declined 12% after a Goldman Sachs analyst noted that the company has lost its Facebook (FB) Marketing Partner status. INDEXES: Near midday, the Dow was down 14.56, or 0.06%, to 25,981.31, the Nasdaq was up 25.04, or 0.32%, to 7,947.77, and the S&P 500 was up 1.78, or 0.06%, to 2,879.83.