The market had been heading for even bigger losses before the jobs numbers came out though, so investors clearly were relieved to see a bigger gain in jobs added and larger drop in the unemployment rate than economists had expected.
The Dow fell nearly 100 points or 0.3%, shortly after the opening bell. The S&P 500 and Nasdaq each dipped about 0.3% as well. All three indexes are still higher for the week.
But tech stocks were facing pressure Friday after Trump's proposed ban of WeChat, which comes shortly after the president issued a similar crackdown on popular social media app TikTok. Microsoft (MSFT) is in talks to buy TikTok from its Chinese parent company, ByteDance.
Shares of WeChat owner Tencent (TCEHY) fell more than 5% in Hong Kong.
Investors are also paying close attention to negotiations in Congress regarding another potential round of new stimulus for struggling Americans after expanded unemployment benefits ran out at the end of last month.
Democrats are pushing for a bigger package than many Republicans want -- and the stronger than expected jobs figures could give Republicans more reason to resist calls for more stimulus.
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August 07, 2020 at 08:48PM
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Stocks fall despite solid jobs report as worries about China resurface - CNN
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