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* Nonfarm payrolls up by 225,000 in Jan. vs est. 160,000
* Uber rises after co targets profitability by 2020-end
* Take Two falls tumbles after revenue miss
* Indexes down: Dow 0.58%, S&P 0.44%, Nasdaq 0.56%
(Updates to open)
By Medha Singh
Feb 7 (Reuters) - Wall Street pulled back from record levels
on Friday, as investors assessed the U.S. employment report that
showed jobs growth accelerated in January but included a
downward revision to some previous numbers.
Nonfarm payrolls increased by 225,000 jobs last month, the
Labor Department's data showed, much higher than 160,000 jobs
additions expected by economists polled by Reuters. However, the economy created 514,000 fewer jobs between
April 2018 and March 2019 than originally estimated, suggesting
job growth could significantly slowdown this year.
"Where the market is right now, it likes to see an economy
that's not too hot and not too cold because a much stronger
economy suggests higher interest rates," said Rick Meckler,
partner at Cherry Lane Investments, a family investment office
in New Vernon, New Jersey.
"When you get the kind of upward move in markets, it's not
surprising to see people wanting to go into the weekend quite as
long."
Technology stocks .SPLRCT , which outperformed broader
markets this week, slipped 0.7%, weighing the most on the S&P
500 .SPX .
A strong four-day rally this week has put the benchmark
index on pace for its best week in eight months as investors
took comfort from China's efforts to limit the economic damage
from the coronavirus outbreak.
The new infections in mainland China on Thursday were down
from Wednesday and Tuesday's figures, but experts warned it was
too early to identify a trend. At 9:48 a.m. ET, the Dow Jones Industrial Average .DJI was
down 0.58% at 29,208.83. The S&P 500 .SPX fell 0.44% to
3,331.09 and the Nasdaq Composite .IXIC dropped 0.56% to
9,519.02.
More than 300 S&P 500 companies have reported fourth-quarter
results so far, of which about 70% have topped earnings
estimates, according to IBES data from Refinitiv.
Take-Two Interactive Software Inc TTWO.O slumped 10.6%
after the videogame publisher missed estimates for quarterly
adjusted revenue. AbbVie Inc ABBV.N gained 4.3% after the drugmaker forecast
2020 earnings above analysts' expectations. Uber Technologies Inc UBER.N shares gained about 5.7%
after the ride-hailing company moved forward by a year its
target to achieve a measure of profitability to the fourth
quarter of 2020. Declining issues outnumbered advancers for a 2.51-to-1 ratio
on the NYSE and a 2.64-to-1 ratio on the Nasdaq.
The S&P index recorded 18 new 52-week highs and one new low,
while the Nasdaq recorded 31 new highs and 31 new lows.