Stocks closed near a flatline on Wednesday to mark the start of September as investors digested a disappointing job market report against waning tech stock strength. Despite the mixed market, the tech heavy Nasdaq was able to eke out a record close at the end of the session, driven by gains in Apple
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Apple to roll out feature that allows IDs to be added to Apple Wallet:
Apple announced Wednesday that eight U.S. states will begin rolling out a feature that allows users to add driver's licence and state IDs to Apple Wallet for iPhone and Apple Watch for use at security screenings at participating airports.
Arizona and Georgia will be the first states to adopt the new feature, with Connecticut, Iowa, Kentucky, Maryland, Oklahoma and Utah expected to follow in the near future.
Apple said that adding IDs to the Wallet app works similarly to uploading credit cards, with users first scanning the ID and then completing facial and head movement scans for an additional security measure. The new ID feature will be available following a software update expected to be released later this fall.
U.S. manufacturing activity unexpectedly expands in August:
U.S. manufacturing activity expanded more than expected in August, as a growing rise in new orders and production helped outweigh slowing employment growth.
The Institute for Supply Management's manufacturing index reading for August edged higher to 59.9 from 59.5 in July. Consensus economists were looking for a decline to 58.5, and readings above the neutral level of 50 indicate sector expansion.
"Business Survey Committee panelists reported that the companies and suppliers continue to struggle at unprecedented levels to meet increasing demand," said Timothy Fiore, chair of the Institute for Supply Management manufacturing business survey committee, in a press statement. "The new surges of COVID-19 are adding to pandmeic-related issues--worker absenteeism, short-term shutdowns due to parts shortages, difficulties in filling open positions and overseas supply chain problems--that continue to limit manufacturing-growth potential. However, optimism panel sentiment remained strong, with eight positive comments for every cautious comment."
U.S. private payrolls disappoint expectations in August:
Private payroll additions came in much lower than expected last month as the spread of the highly contagious Delta variant began to affect U.S. labor market recovery in August.
U.S. private sector employers added 374,000 jobs in August, according to the ADP's monthly report published Wednesday. Consensus economists expected private payrolls to grow by 625,000. In July, payrolls grew by a revised monthly print of 326,000.
"Our data, which represents all workers on a company's payroll, has highlighted a downshift in the labor market recovery. We have seen a decline in new hires, following significant job growth from the first half of the year," said Nela Richardson, chief economist at ADP, in a press statement. "Despite the slowdown, job gains are approaching 4 million this year, yet still 7 million jobs short of pre-COVD levels."
Here's how benchmarks started trading soon after market open:
S&P 500 Index: +0.17% or +7.67 points to 4,530.35
Dow Jones Industrial Average: +0.02% or +5.72 points to 35,366.45
Nasdaq Composite Index: +0.37% or +57.03 points to 15,321.79
