11:43 AM EDT, 09/05/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Friday after the Bureau of Labor Statistics reported August payroll figures that came in well below expectations.
The August employment report showed nonfarm payrolls rose by 22,000, significantly below the 75,000-job increase expected in a survey compiled by Bloomberg as of 7:30 a.m. ET. July payrolls were revised upward to 79,000, while June payrolls were revised downward to a 13,000 decrease, for a net downward revision of 21,000 jobs. The unemployment rate rose 4.3% in August from 4.2% in July, while the labor force participation rate rose to 62.3% from 62.2%.
In company news, Broadcom (AVGO) reported fiscal Q3 non-GAAP net income late Thursday of $1.69 per diluted share, up from $1.24 a year earlier and above the FactSet consensus analyst estimate of $1.66. Fiscal Q3 net revenue was $15.95 billion, up from $13.07 billion a year earlier and above the FactSet consensus of $15.83 billion. For fiscal Q4, the company expects revenue of $17.4 billion, above the analyst expectation of $17.01 billion. The company also declared a quarterly dividend of $0.59 per share, payable on Sept. 30 to shareholders of record as of Sept. 22. Separately, Broadcom (AVGO) will begin mass producing a custom AI chip co-designed with Microsoft-backed (MSFT) OpenAI next year, as it looks to reduce its reliance on Nvidia (NVDA), the Financial Times reported Friday, citing people familiar with the matter. Broadcom (AVGO) shares were up 9.3% around midday.
Tesla (TSLA) has proposed a new performance award of nearly $1 trillion for Chief Executive Elon Musk, according to a company proxy statement. In order for Musk to earn the full payout, Tesla would have to meet a series of targets, including raising the company's market capitalization to $8.5 trillion, reaching an adjusted EBITDA target of $400 billion, and hitting production targets of 20 million vehicles over 10 years. Tesla shares were up 2.9%.
Lululemon Athletica (LULU) reported fiscal Q2 net income late Thursday of $3.10 per diluted share, down from $3.15 a year earlier but above the FactSet consensus estimate of $2.86. Fiscal Q2 net revenue was $2.53 billion, up from $2.37 billion a year ago but below the FactSet expectation of $2.54 billion. For fiscal Q3, the company expects diluted EPS of $2.18 to $2.23 on revenue of $2.47 billion to $2.50 billion. Analysts polled by FactSet expect $2.88 EPS and $2.56 billion in revenue. Lululemon expects full-year diluted EPS of $12.77 to $12.97 and revenue between $10.85 billion and $11 billion, down from the previous guidance of $14.58 to $14.78 EPS on $11.15 billion to $11.30 billion in revenue. Analysts expect EPS of $14.40 on revenue of $11.19 billion. Lululemon shares were down 18.3%.
Alphabet's (GOOG, GOOGL) Google (GOOG) is expected to be hit with an antitrust fine by the European Commission over its adtech practices later on Friday, Reuters reported, citing three sources with direct knowledge of the matter. Alphabet Class C and Class A shares were up 0.6%.
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