The S&P 500 ended a disappointing month on Friday, but pared losses following a monthly U.S. jobs report that was mostly in line with expectations.
On Friday, the Labor Department announced that the US economy had grown 315,000 jobs in August, topping economists’ estimates of 298,000 jobs. US wages rose 5.2% year-on-year and 0.3% from July.
Bed Bath & Beyond investors were unimpressed with the new business plan unveiled on Wednesday. The company announced $500 million in new funding and plans for layoffs and store closures, and the stock traded down more than 25% on the week.
On Wednesday, chipmaker Nvidia revealed that the US government was restrict sales of its semiconductor products in China, fearing that the Chinese military could exploit the technology. Nvidia said it expects to lose about $400 million in revenue from China in the current quarter, sending Nvidia shares down more than 12% on the week.
Starbucks announced Thursday that Laxman Narasimhan, former CEO of health and hygiene company Reckitt, will take over as CEO. new CEO from Starbucks. Narasimhan will join Starbucks in October but will not replace interim CEO Howard Schultz until April 2023.
Made in China
Shares of Pinduoduo traded higher this week after the Chinese e-commerce giant reported second-quarter earnings and revenue on Monday and launched its Temu e-commerce platform in the US market on Thursday.
Investors will receive more quarterly earnings reports from NIO, American Eagle Outfitters and GameStop on Wednesday and from Bilibili on Thursday.
According to FactSet.
In the week ahead, investors will receive key economic updates on Thursday as the European Central Bank releases its latest interest rate decision and accompanying commentary and Federal Reserve Chairman Jerome Powell will speak at the 40th Annual Cato Institute Monetary Conference.
Benzinga is a financial information and data company headquartered in Detroit.