Stock market today: Live updates

S&P 500 futures faltered on Friday as investors assessed a weaker-than-expected August jobs report and its implications for U.S. monetary policy.

Futures linked to the broad market index were near the zero line, while Dow Jones Industrial Average Futures fell 20 points. Nasdaq 100 futures fell by 0.2%.

The August employment report showed that the number of people employed rose by 142,000 last month, another sign of a weakening labor market. Economists surveyed by Dow Jones had expected a gain of 161,000. However, the unemployment rate fell as expected to 4.2%.

“August’s wage data suggests that risks are rising as the labor market is weakening significantly. The Fed needs to intervene to combat tail risks,” said Sonu Varghese, global macro strategist at the Carson Group. “The report sets a September rate cut in store, but the big question is whether the Fed will intervene in a big way (with a 50 basis point cut) to prevent rising risks.”

The data will play a crucial role in the Federal Reserve’s monetary policy decision later this month. A series of weak jobs data in recent weeks has stoked concerns about the health of the economy, unsettled markets and dampened risk appetite. But investors remain optimistic that the Fed will cut interest rates by at least a quarter of a percentage point at the end of the September meeting.

The release of Friday’s data follows a turbulent week for equity markets. The S&P 500 is on track for a 2.6% decline and its worst week since April, while the Nasdaq fell by 3.3%. The 30 stocks Dow fell by 1.9%.

In corporate news, Broadcom fell more than 6% after fourth-quarter sales fell just short of analysts’ estimates.