Stocks Opened Lower after Disappointing Jobs Report

U.S. stocks opened lower on Friday after government data showed the economy created only 38,000 jobs last month, the weakest level of hiring in nearly six years. The Dow Jones Industrial Average lately lost 106.62 points, or 0.60%, to 17,731.94. The S&P 500 fell 12.73 points, or 0.60%, to 2,092.53. The Nasdaq Composite was down 38.49 points, or 0.77%, to 4,932.87.

The U.S. economy created the fewest number of jobs in more than five years in May as employment in the manufacturing and construction sectors fell sharply, Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday.

Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday. The Commerce Department said Friday that the deficit increased 5.3 percent in April to $37.4 billion, up from an imbalance of $35.5 billion in March. Exports increased 1.5 percent to $182.8 billion but imports rose faster, increasing 2.1 percent to $220.2 billion.

Thousands of J.P. Morgan jobs in the U.K. could get cut if Britain were to slash membership ties with the European Union, warned Jamie Dimon, the bank’s chief executive, on Friday.

GoPro Inc.(GPRO), a key chip supplier was upbeat about the outlook for the wearable sports camera market. Ambarella Inc. (AMBA) Chief Financial Officer George Laplante said in a conference call with analysts late Thursday, that although the wearable market remains a headwind through the first half of the year, “we’re expecting the wearable market to return to somewhat normal levels in the second half,” according to a transcript provided by FactSet.