Employment Exceeds Expectations but Tik Tok Bans Shake Wall Street

The New York Stock Exchange opened its session Friday, Wednesday, on negative ground in view of the prohibitions imposed by Donald Trump on all transactions between US companies or citizens with BytDance, which owns the social network Tik Tok, and Tencent, company that controls the We Chat application. At the beginning of the session, the […]

Reuters

The New York Stock Exchange opened its session Friday Wednesday on negative ground in view of the prohibitions imposed by Donald Trump on all transactions between US companies or citizens with BytDance, which owns the social network Tik Tok, and Tencent, company that controls the We Chat application.

At the start of the session, the S&P 500 fell 0,29%, to 3,339.40 points, the technological Nasdaq depreciated 0,28%, to 11,075.83 points, and the industrial Dow Jones grew 0,24%, to 27,321.68 points.

The Department of Labor report revealed that jobs for non-agricultural sectors increased by 1,76 million in July, exceeding the 1,6 million that economists had predicted.

“In the corporate context, highlighting the valuations of Booking and T-Mobile, after presenting the results. Illumina, Uber, Dropbox and Gopro react negatively to the figures released. Focus also on Biogen's rise after the Alzheimer's drug received priority review from the FDA. On the macroeconomic level, it was revealed that the US economy generated more jobs than expected in July, ”says Ramiro Loureiro, market analyst at Millennium investment banking.

Donald Trump reported on Thursday comprehensive bans on US transactions with Chinese owners of the WeChat messaging app and the social network TikTok. In response, China said the companies had complied with US laws and warned that Washington would have to "bear the consequences" of its actions.

Shares of Tencent, the owner of WeChat, fell by up to 10% in Asian trade, while the New York-listed Tencent Music Entertainment Group, which was separated from Tencent in 2018, fell 5,7% in U.S. pre-market trading. Microsoft, which is trying to buy TikTok's US operations, fell 0,6%.

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