US stocks retreat on jobs data, but remain on track for solid weekly gains

On the last trading day of the week, major US equity indices witnessed a mildly weaker opening as investors digested a messy monthly jobs report. 

The headline NFP print showed the US employment fell in September for the first time in seven years, primarily impacted by two recent hurricanes - Harvey and Irma. However, the unemployment rate fell to a sixteen year low level of 4.2% and stubbornly low wage growth also bettered expectations.

   •  US: Total nonfarm payroll employment decreased by 33,000 in September

During the opening hour of trade, the Dow Jones Industrial Average lost around 20-points to 22,754, while the broader S&P 500 Index slipped 4-points to 2,548. Meanwhile, tech-heavy Nasdaq Composite Index was down nearly 5-points to 6,580.

Despite a modest decline, all the three major indices remain on track for a week of solid gains. Both the Dow and S&P were poised for the fourth consecutive week, while Nasdaq set for its second straight positive week.

Investors will now take cuse from comments by influential FOMC members, namely - New York Fed President William Dudley, Dallas Fed President Rob Kaplan and St. Louis Fed President James Bullard.