Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies.
That may be because the (DXY), which had retreated from its Sept. 1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost the prices of stocks and the cryptocurrency markets as both are usually inversely correlated with the dollar index.