What you need to know on Wall Street today
Job creation in the US slowed in August after a stronger start to the summer, and the unemployment rate ticked up from a 16-year low. A report Friday from the Bureau of Labor Statistics showed that the US economy added 156,000 jobs in August, fewer than economists had expected. The unemployment rate rose to 4.4% from 4.3%. The US dollar dropped after the report, and gold spiked.
Tropical Storm Harvey may be on the move - but its after-effects are just beginning to be realized. Here's the latest:
- Texans in Harvey's path will face health risks from mold, insects, and bacteria for months to come
- Hurricane Harvey is going to make it harder to gauge the US jobs market
- Harvey is causing tornadoes and flooding across the Deep South
- A chemical plant exploded twice after getting flooded by Harvey - but it's not over yet
- Harvey damaged an estimated 500,000 vehicles at Houston dealerships - and automakers are scrambling to restock
- Over 300,000 people have already signed up for aid after Harvey - and the financial toll for survivors is just beginning
In other news, there are still basic questions Republicans need to answer about their massive tax plan. A federal watchdog is reviewing the circumstances surrounding a controversial flight taken by Treasury Secretary Steven Mnuchin and his wife to Kentucky.
And Gary Cohn, the top economic advisor to President Donald Trump, deflected questions Friday about reported simmering tensions between him and Trump. "We have a very good relationship," he said.
And Mark Zuckerberg, Warren Buffett, and Mary Barra are among more than 300 business titans imploring Trump to preserve an Obama-era policy to protect immigrants brought to the US illegally as children.
In markets news, a pioneer of the VIX says the market is looking at volatility all wrong. Bitcoin has hit another record high, topping $4,800. Here's how cryptocurrency mania is creeping into the mainstream.
In tech news, Apple's customers don't really care about the new bezel-less screen on the iPhone 8. And Amazon is promising NFL advertisers it will track whether their ads get people to buy things on Amazon.
Lastly, Porsche's high-tech SUV is getting a fresh look and some new features- here's a closer look.