The Labor Department’s report is expected to show 1.40 million U.S. jobs created last month, down from 1.76 million in July, as the government’s coronavirus aid ran out and companies from transportation to industrials announced layoffs or furloughs.
The data, expected at 8:30 a.m. ET (1230 GMT), could add pressure on the White House and Congress to restart stalled negotiations over the next coronavirus relief package.
After climbing to record highs on the back of historic stimulus and a rally in technology stocks, the benchmark S&P 500 (SPX) and tech-heavy Nasdaq (IXIC) suffered their worst day in nearly three months on Friday as investors booked gains.
Shares of rate-sensitive bank stocks including Bank of America Corp (N:BAC), Citigroup Inc (N:C), JPMorgan Chase & Co (N:JPM) rose between 1.3% and 1.8% as the benchmark 10-year (US10YT=RR) yield bounced off of a near four-week low. [US/]