US stocks fall after massive miss on August jobs report

• US stocks fell slightly at the Friday open after the August jobs report badly missed expectations.
• The US added 235,000 payrolls in August. Economists estimated 733,000 added jobs.
• One strategist said the jobs miss may mean the Fed will now delay its taper plans to November, or later.

US fell Friday after the August jobs report badly missed economist expectations.

The US added 235,000 payrolls in August, badly missing the median estimate of 733,000 added jobs. Meanwhile the unemployment rate fell to 5.2% from 5.4%, matching estimates. The month demonstrated the influence the coronavirus Delta variant had on the labor market recovery.

The report has prompted hopes that the Fed will continue its support for the economy for longer.

"The Fed has hung its hat on the assumption that people are starting to return to work, and unfortunately today's number will be a disappointment to them," said Seema Shah, Principal Global Investors' chief strategist. "After having indicated a taper was likely in the next few months, August payrolls perhaps throws that into disarray."

Here's where US indexes stood at the 9:30 a.m. ET open on Friday:

• S&P 500: 4,529.05, down 0.17%
• Dow Jones industrial average: 35,388.18, down 0.16% (55.64 points)
• Nasdaq composite: 15,298.37, down 0.23%

Shah said that while inflation has clearly met levels that indicate "substantial further progress" in the economy, it doesn't appear to have made a sufficient impression on the Federal Reserve. The US central bank appears much more focused on the employment recovery, and today's disappointing number may sway the Fed to not scale back its asset purchases until November, or potentially later, she added.

"Friday's weaker-than-expected jobs puts less pressure on the Fed to taper its stimulus, which is likely to provide a short-term boost for stocks. The stock market loves stimulus and any indication that the Fed will remain fully accommodative is good news for investors," said Jay Pestrichelli, CEO of investment firm ZEGA Financial.

Warren Buffett's deputy snowballed his retirement account from $70,000 to $264 million in under 30 years. Ted Weschler explained his strategy, including how he shrugged off investment losses and amassed wealth in a recent interview.

Bitcoin held steady at around $50,800 Friday morning after breaking the $50,000 barrier on Thursday.

West Texas Intermediate crude jumped as much as 0.60%, to $70.40 per barrel. Brent crude, oil's international benchmark, gained 0.78%, to $73.60 a barrel.

Gold climbed 0.92%, to $1,828.10 per ounce.