Dow, jobs report, credit downgrade and more news from Wall Street

Traders work on the floor of the New York Stock Exchange on August 02.
Traders work on the floor of the New York Stock Exchange on August 02. Spencer Platt/Getty Images

Stocks rose on Friday as investors reviewed the July jobs report and earnings reports from tech behemoths.

The Dow rose 129 points, or 0.4%. The S&P 500 gained 0.4%. The Nasdaq Composite added 0.7%. All three major indexes are on pace to fall for the week.

The US economy gained just 187,000 jobs in July. That’s below economists’ expectations of a 200,000 net gain, according to Refinitiv. June’s job growth was revised down to 185,000 jobs from 209,000.

The July unemployment rate ticked down to 3.5%, from 3.6% — still at a level not seen in more than 50 years.

The latest data from the Bureau of Labor Statistics suggests that the labor market is continuing to cool, in line with the Federal Reserve’s desire to bring prices down without sending unemployment levels soaring.

Traders see an 84% chance that the Fed will pause interest rates at its next policy meeting, in September, according to the CME FedWatch Tool.

Meanwhile, Apple shares lost 3.1% after the iPhone maker said sales fell during its quarter ending July 1, marking the third consecutive year-over-year drop in quarterly revenue.

Amazon shares jumped 10.1% after the e-commerce giant said sales boomed on strong demand in the second quarter, helping lift profit substantially from a year prior.

Airbnb shares gained 0.8% after sliding initially in after-hours trading on Thursday, after the company’s bookings number for nights and experiences fell short of expectations.

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