Stock Market Update

The S&P 500 futures are down 87 points and are trading 2.0% below fair value, the Nasdaq 100 futures are down 449 points and are trading 2.5% below fair value, and the Dow Jones Industrial Average futures are down 462 points and are trading 1.2% below fair value.

Nonfarm payrolls increased by 114,000 in July (Briefing.com consensus 170,000) following a revised increase of 179,000 in June (from 206,000). Nonfarm private payrolls rose by 97,000 in July (Briefing.com consensus 153,000) following an increase of 136,000 in June.

The unemployment rate rose to 4.3% in July (Briefing.com consensus 4.1%) from 4.1% in June.

Average hourly earnings increased by 0.2% in July (Briefing.com consensus 0.3%) following a 0.3% increase in June. The average workweek declined to 34.2 hours in July (Briefing.com consensus 34.3) from 34.3.