Stocks Opened Lower after Jobs Report

U.S. stocks opened Lower on Friday after the July employment report showed the economy added back slightly more jobs than expected, but at a slower pace than in previous months. The Dow Jones Industrial Average lately fell 69.40 points, or 0.25%, to 27,317.58. The S&P 500 was down 7.93 points, or 0.24%, to 3,341.23. The Nasdaq Composite retreated 28.38 points, or 0.26%, to 11,079.69.

Oil futures lost ground Friday, with pressure tied to rising tensions between the U.S. and China. West Texas Intermediate crude for September delivery was down 44 cents, or 1.1%, at $41.51 a barrel, while October Brent crude fell 49 cents, or 1.1%, to $44.60 a barrel.

The US economy regained fewer jobs in July after a record gain in June. Total nonfarm payroll employment rose by 1.8 million in July, and the unemployment rate fell to 10.2 percent, the U.S. Bureau of Labor Statistics reported today.

Pfizer Inc said on Friday it signed a multi-year agreement with Gilead Sciences Inc to manufacture and supply the company’s antiviral drug remdesivir for COVID-19 patients.