Stocks Pressured After Another Reminder of Labor Market DisasterDow -360.91 at 21052.53, Nasdaq -114.23 at 7373.08, S&P -38.25 at 2488.65 [BRIEFING.COM] The stock market ended a down week on a lower note, though the S&P 500 (-1.5%) was able to remain above its low from Wednesday. The benchmark index surrendered 2.1% for the week. Small caps had a more difficult go, as the Russell 2000 (-3.1%) lost 7.1% for the week, stopping a bit above its March low. Today's main storyline was the release of the Employment Situation report for March, which was expected to be very weak. The report showed that nonfarm payrolls decreased by 701,000 and that reading is likely to be revised lower next month, since the report was compiled in the first half of March before layoffs accelerated. Stocks tried to make the best of a bad situation, pushing higher during the first few minutes of action, but selling pressure intensified shortly after the S&P 500 climbed above its high from yesterday. The market remained under pressure into the early afternoon with the S&P 500 settling near yesterday's afternoon low. Ten out of eleven sectors ended in the red with six sectors logging wider losses than the broader market. Utilities (-3.6%), materials (-2.3%), and financials (-2.2%) were at the forefront of the selling while real estate (-0.8%) and consumer staples (+0.5%) outperformed. Today's biggest laggard— the utilities sector—surrendered 7.1% for the week, finishing behind the remaining ten sectors. Crude oil was able to build on yesterday's advance, climbing $3.16, or 12.6%, to $28.34/BBL. The energy component gained $6.69 or 30.9% for the week while the energy sector (-1.3%) climbed 5.4% since last Friday. Longer-dated Treasuries finished near their best levels of the day, sending the 10-yr yield lower by four basis points to 0.59%. The U.S. Dollar Index climbed 0.4% to 100.61, gaining 2.2% for the week. Today's economic data included the Employment Situation report and ISM Non-Manufacturing Index for March: March nonfarm payrolls declined by 701,000 (Briefing.com consensus -150,000) while February nonfarm payrolls were revised to 275,000 from 273,000. March private sector payrolls declined by 713,000 (Briefing.com consensus -250,000) while February private sector payrolls were revised to 242,000 from 228,000.March unemployment rate was 4.4% (Briefing.com consensus 4.0%), versus 3.5% in February. Persons unemployed for 27 weeks or more accounted for 15.9% of the unemployed versus 19.2% in February. The U6 unemployment rate, which accounts for unemployed and underemployed workers, was 8.7%, versus 7.0% in February.March average hourly earnings were up 0.4% (Briefing.com consensus +0.2%) after increasing 0.3% in February while average workweek decreased to 34.2 hours (Briefing.com consensus 34.0) from 34.4 hours in February.The key takeaway from the report is that it still isn't adequately capturing the full extent of the weakness in the labor market. Things are even worse than the headlines here suggest, as yesterday's initial claims report made abundantly clear. Those filings are not embedded in today's report, which was formulated mostly on the basis of an employment survey conducted the week of March 12. In actuality, the unemployment rate is likely closer to 10.0% at this junctureThe ISM Non-Manufacturing Index for March checked in at 52.5% (Briefing.com consensus 43.0%) versus 57.3% in February. The dividing line between expansion and contraction is 50.0%.The key takeaway from the report is that it's not as encouraging as it appears to be, having been bolstered by a nice pickup in the Supplier Deliveries Index (to 62.1% from 52.4%), which reflects slower deliveries due to the COVID-19 impact; moreover, it is understood that the services sector has been the hardest hit in the sudden economic stop and that this measure does not adequately capture the real-time change in business conditions. Market participants will not receive any data on Monday. Nasdaq Composite -17.8% YTDS&P 500 -23.0% YTDDow Jones Industrial Average -26.2% YTDRussell 2000 -37.0% YTD Market Snapshot Dow21052.53-360.91(-1.69%)Nasdaq7373.08-114.23(-1.53%)SP 5002488.65-38.25(-1.51%)10-yr Note +3/320.587NYSEAdv 622 Dec 2289 Vol 1.43 blnNasdaqAdv 939 Dec 2306 Vol 3.26 bln Industry Watch Strong: Consumer Staples, Materials, Health CareWeak: Financials, Consumer Discretionary, Energy, Utilities, Communication Services Moving the Market -- Stocks under pressure after finding resistance near yesterday's highs-- U.S. loses 701,000 jobs in March, according to Employment Situation Report-- Oil prices rise amid production-cut hopes ECONOMIC EVENTS: In U.S. data, nonfarm payrolls dropped by a much larger than anticipated 701,000 in March, abruptly ending a nine and a half year run of employment gains. The unemployment rate jumped to 4.4% from 3.5%. Markit services index was revised up to 39.8 in the final March print versus the 39.1 preliminary reading, though it's down -9.6 points from the 49.4 in February. ISM non-manufacturing index fell by a smaller than expected 4.8 points to 52.5 in March, holding up surprisingly well. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 1,041,126 confirmed cases of COVID-19 and 55,781 deaths due to the disease. In New York, which has become the "epicenter" of the outbreak in the U.S., Governor Andrew Cuomo said 102,863 people have tested positive, which represents 10,482 new cases. TOP NEWS: Shares of 3M ($MMM) were 3% lower near noon after President Donald Trump tweeted last night that the government "hit 3M hard" and that the company "will have a big price to pay" over "what they were doing with their Masks." In response to the announcements issued by the White House last evening, 3M said that the administration requested the company cease exporting respirators made in the U.S. to the Canadian and Latin American markets, noting that ceasing all export of respirators produced in the U.S. would likely cause other countries to retaliate and do the same, meaning that the net number of respirators being made available to the U.S. would actually decrease. Yesterday, the Administration formally invoked the Defense Production Act, or DPA, to require 3M to prioritize orders from the Federal Emergency Management Agency, or FEMA, for its N95 respirators and the company said it has "been working closely with the Administration to do exactly that." In an interview on CNBC, 3M CEO Mike Roman called it "absurd" to think his company is not doing all it can. Tesla ($TSLA) shares are up 7% after the car maker said it produced almost 103,000 vehicles and delivered approximately 88,400 vehicles in the first quarter for its "best ever Q1 performance." Model Y production started in January and deliveries began in March, significantly ahead of schedule, the company added. Bed Bath & Beyond ($BBBY) reported last night that it has extended the closure of its retail stores and intends to furough the majority of its store associates until at least May 2, joining a great number of other retailers who have made similar announcements. Big banks are in focus as the U.S.' small business lending program for businesses affected by COVID-19 launches today, though not without some concerns. CNBC said last night that none of the participating banks the network interviewed were sure they'd be ready to dole out at least $350B in loans to small businesses, saying they were awaiting key guidance from the Small Business Administration on just how to administer the program. In particular, JPMorgan ($JPM) told customers this week that the bank "will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped." In response, U.S. Treasury Secretary Steven Mnuchin said during a press conference that the lending program would be "up and running" on Friday, and Bloomberg later reported that the SBA had increased to 1% the interest rate lenders may charges small businesses under the program after lenders complained that the previous rate of 0.5% was lower than even their own cost of funds. Though Bank of America ($BAC) said it is now able to accept online applications for the U.S. government's $350B small business relief program, other big U.S. banks, namely JPMorgan, Wells Fargo ($WFC), and Citi ($C), have not yet been able to accept applications for the program, CNBC stated in a midday update. MAJOR MOVERS: Among the noteworthy gainers was Fate Therapeutics ($FATE), which rose 11% after announcing a global collaboration and option agreement with Janssen Biotech ($JNJ) under which Janssen will contribute proprietary antigen binding domains for up to four tumor-associated antigen targets. Also higher was Incyte ($INCY), which gained 2% after announcing phase 3 study of Jakafi for COVID-19. Among the notable losers was Macquarie Infrastructure ($MIC), which dropped 26% after it withdrew its guidance, suspended its dividend, and said it is continuing to pursue strategic alternatives. Also lower were Aehr Test Systems ($AEHR) and Chewy ($CHWY), which fell 16% and 4%, respectively, after reporting quarterly results. Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.