US stocks open lower after jobs figures

By Ovunc Kutlu

ISTANBUL (AA) – US stocks opened lower on Friday after key jobs figures.

The US economy added 517,000 jobs in January, above the market estimate, while the unemployment rate fell to 3.4%, the Labor Department announced earlier.

The market expectation for nonfarm payrolls was a 185,000 gain in January, while the market estimate for unemployment was to come in at 3.6%.

The Dow Jones was down 127 points, or 0.37%, to 33,926 at 9.34 a.m. EDT (1434GMT). The S&P 500 fell 45 points, or 1.1%, to 4,133.

The tech-heavy Nasdaq decreased 223 points, or 1.8%, to 11,977 at the time.

The VIX volatility index, also known as the fear index, was down 1.1% at 18.52, while the 10-year US Treasury yield rose 3.4% to 3.514%.

The dollar index added 0.76% to 102.52, while the euro lost 0.5% to $1.0857 against the greenback.

Precious metals were down, with gold trimming 1.6% to $1,882 per ounce and silver plummeting 3% to $22.72.

Crude oil prices, on the other hand, were up more than 0.5%, with global benchmark Brent crude at $82.60 per barrel and US benchmark West Texas Intermediate crude at $76.44.