Intraday rebound in tech helps limit the lossesDow -159.42 at 28123.31, Nasdaq -144.97 at 11313.14, S&P -28.10 at 3426.96 [BRIEFING.COM] The S&P 500 dropped as much as 3.1% on Friday as investors continued to take profits in the mega-cap/growth/momentum stocks, but a resounding buy-the-dip mindset helped limit the market's decline. The benchmark index briefly returned to its flat line before ending the day lower by 0.8%. The Nasdaq Composite declined 1.3% after being down 5.1%. The Dow Jones Industrial Average declined 0.6% after being down 2.2%. The Russell 2000 declined 0.6% after being down 2.8%. Apple ($AAPL 120.96, +0.08, +0.1%) was an influential factor in helping lift the major indices off those session lows. AAPL recouped losses after finding itself down 8.3% intraday and down 19.6% from its record high earlier this week. The fast, and steep, downturn presumably presented many traders and investors favorable entry points in the stock and other similar names. In addition, the rebounding price action in these stocks helped lift sentiment and improve the standings of the S&P 500 financials (+0.8%), industrials (+0.2%), and materials (+0.2%) sectors, which were relative outperformers throughout the day following the August employment report. Their modest gains, however, were not enough to outweigh the noticeable losses in the communication services (-1.9%), consumer discretionary (-1.4%), and information technology (-1.3%) sectors. Highlighting the key employment figures, nonfarm payrolls increased by 1.371 million (Briefing.com consensus 1.400 million), and the unemployment rate was 8.4% (Briefing.com consensus 9.8%), versus 10.2% in July. While the pace of hiring activity slowed down from the prior three months, it remained on the right path. Some optimism about the growth outlook was manifested in the Treasury market where selling in longer-dated maturities fostered some curve-steepening activity, which was an added boost for bank stocks. The 2-yr yield increased four basis points to 0.16%, while the 10-yr yield rose ten basis points to 0.72%. The U.S. Dollar Index increased 0.1% to 92.79. WTI crude futures fell 4.0%, or $1.64, to $39.70/BBL. The CBOE Volatility Index fell 8.5% to 30.75, as the rebound in equities tamed hedging interest. Reviewing the August Employment Situation Report, which better than expected and generally supportive of the recovery trade that favors cyclical/value stocks. Nonfarm payrolls increased by 1.371 million (Briefing.com consensus 1.400 million). June nonfarm payrolls revised to 4.781 million from 4.791 million.Private sector payrolls increased by 1.027 million (Briefing.com consensus 1.335 million). June private sector payrolls revised to 4.729 million from 4.737 million.The unemployment rate was 8.4% (Briefing.com consensus 9.8%), versus 10.2% in July.Average hourly earnings increased 0.4% (Briefing.com consensus 0.0%) versus a downwardly revised 0.1% (from +0.2%) in July. The average workweek in August was 34.6 hours (Briefing.com consensus 34.5), versus 34.5 hours in July. As a reminder, the market will be closed on Monday for Labor Day. The Consumer Credit report for July and the NFIB Small Business Optimism Index for August will be released on Tuesday. Nasdaq Composite +26.1% YTDS&P 500 +6.1% YTDDow Jones Industrial Average -1.4% YTDRussell 2000 -8.0% YTD Market Snapshot Dow28123.31-159.42(-0.56%)Nasdaq11313.14-144.97(-1.27%)SP 5003426.96-28.10(-0.81%)10-yr Note -8/320.719NYSEAdv 1170 Dec 1759 Vol 959.7 mlnNasdaqAdv 1245 Dec 1991 Vol 4.2 bln Industry Watch Strong: Financials, Industrials, MaterialsWeak: Information Technology, Communication Services, Consumer Discretionary Moving the Market -- Tech stocks remained under pressure but staged an intraday rebound-- Market still closed lower-- Relative strength in the value/cyclical stocks following the Employment Situation Report for August -- Nonfarm payrolls increased by 1.371 million (Briefing.com consensus 1.400 million), and the unemployment rate was 8.4% (Briefing.com consensus 9.8%), versus 10.2% in JulyStocks end lower following U.S. payroll numbers Wall Street spent the morning extending its selloff and looked set to end the week with significant losses as the Nasdaq once again lead the way lower after having plunged 5% yesterday. The jobs report may be seen as a mixed blessing for stocks as the further improvement in the job market is consistent with the ongoing recovery, but the firm report raises the risk that the government will be less inclined to make a big push for more stimulus. The averages recovered and came back in an afternoon rally, although that short-circuited heading into the close ahead of the long holiday weekend. While the Nasdaq finished with a loss of over 1.25%, that was much improved from its worst levels of the day, when the tech-heavy index was down over 5%. ECONOMIC EVENTS: In the U.S., nonfarm payrolls increased 1.371M in August and the unemployment rate dropped to 8.4%. In energy news, Baker Hughes reported that the U.S. rig count is up 2 from last week to 256, with oil rigs up 1 to 181. TOP NEWS: Japan's Softbank ($SFTBY), in an aggressive move into the options market that "marks a new chapter for the investment powerhouse," bought billions of dollars' worth of options in U.S. tech stocks during the past month, according to Financial Times. The Wall Street Journal followed up with its own report on the Japanese company's role in fueling the market's recent rally. Shares of Broadcom ($AVGO) rose 3.1% after the company reported July quarter results and forward guidance that was above consensus forecasts. In other earnings news, DocuSign ($DOCU) fell 10.6% despite the fact that Evercore ISI analyst Kirk Materne said the company "blew by even the most bullish expectations." Goldman Sachs ($GS) is making headway in its negotiations to move on from the 1MDB scandal as Malaysia has dropped criminal charges against the bank, according to Bloomberg. Meanwhile, Microsoft ($MSFT) was in focus after the U.S. Department of Defense said that, following a "comprehensive" re-evaluation of the JEDI Cloud proposals, it determined that Microsoft's proposal "continues to represent the best value to the Government." Previously it has been reported that a U.S. appeals court denied Oracle's ($ORCL) appeal in its dispute over the Pentagon's $10B cloud-computing contract. Amazon ($AMZN) also filed protests against Microsoft's JEDI deal, including one made directly with DoD. MAJOR MOVERS: Among the noteworthy gainers was I-Mab ($IMAB), which rose 3.6% after the company and AbbVie ($ABBV) announced a collaboration agreement for the development and commercialization of lemzoparlimab, which has been internally discovered and developed by I-Mab for the treatment of multiple cancers. Also higher was Domo ($DOMO), which gained 8.1% after reporting quarterly results. Among the notable losers was Wayfair ($W), which slid 5.3% after BofA analyst Justin Post downgraded the stock to Neutral from Buy with an unchanged price target of $330. Also lower was Medallia ($MDLA), which fell 7.6% after reporting quarterly results.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . 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