12:06 PM EDT, 09/06/2024 (MT Newswires) -- All three major US stock indexes were down in midday trading Friday in the wake of a weaker-than-expected August jobs report released earlier in the day.

The latest employment report showed nonfarm payrolls rose by 142,000 in August, undershooting the 165,000-job increase expected in a survey compiled by Bloomberg as of 7:05 a.m. ET. In addition, July and June payrolls were both revised downward to gains of 89,000 and 118,000, respectively, for a net downward revision of 86,000 jobs. The unemployment rate fell to 4.2% in August from 4.3% in July, matching expectations, while the labor force participation rate was unchanged at 62.7%. Hourly earnings rose by 0.4%, greater than the 0.3% gain expected and up from a 0.2% increase in July. Year over year, hourly earnings were up 3.8%.

In company news, Salesforce ( CRM ) said late Thursday it agreed to acquire data protection provider Own Company for about $1.9 billion in cash. The transaction requires regulatory approvals and is expected to close in Salesforce's ( CRM ) fiscal Q4, the company said. While Salesforce ( CRM ) expects no changes to its fiscal 2025 financial guidance, it expects to achieve accretion on a free-cash-flow basis in the second fiscal year after the deal is completed. Salesforce ( CRM ) shares were down 1.5% at noon.

Qualcomm ( QCOM ) is considering an acquisition of parts of Intel's ( INTC ) chip-design business, Reuters reported Friday, citing two sources familiar with the matter. Qualcomm ( QCOM ) is particularly interested in Intel's ( INTC ) PC design business, though it is considering all the company's design units, the report said. Separately, Intel ( INTC ) is considering a sale of its 88% stake in Mobileye Global ( MBLY ) , an automated driving systems provider, Bloomberg reported Thursday, citing people familiar with the matter. It is weighing a sale of some or all of its stake via a public offering or private sale, the report said. Last year, Intel ( INTC ) sold some of its Mobileye stake for about $1.5 billion, Bloomberg reported. Qualcomm ( QCOM ) and Intel ( INTC ) shares were down 3.9% and 3.6%, respectively, while Mobileye fell 7.1%.

BlackRock ( BLK ) is reorienting its investment strategy toward value stocks and fixed-income as markets enter a new chapter with expected Federal Reserve interest rate cuts and the looming US presidential election, the company said in an investment strategy note viewed by MT Newswires. Consequently, billions of dollars moved between corresponding BlackRock ( BLK ) exchange-traded funds on Thursday, as the company tweaked its model portfolios, Bloomberg reported Friday, citing a person familiar with the matter. Shares of BlackRock ( BLK ) were down 1.3%.

The Netherlands on Friday said it is expanding the national export control measure applicable to advanced semiconductor manufacturing equipment, making more types of chipmaking gadgetry subject to a national authorization requirement, effective Saturday. Dutch Minister for Foreign Trade and Development Reinette Klever said that the decision was influenced by "security risks ... especially in the current geopolitical context." In response to the Dutch government's missive, Dutch chipmaker ASML Holding ( ASML ) said it "believes this requirement will harmonize the approach for issuing export licenses." Shares of ASML ( ASML ) were down 4.9%.

President Joe Biden's expected move to formally block the proposed merger between US Steel (X) and Japan's Nippon Steel over national security concerns is "very unsettling," a top prime minister candidate in Japan told Reuters in an interview. Shigeru Ishiba, a 67-year-old former defense minister and frontrunner for prime minister told Reuters that such actions "could undermine the trust of [the United States'] allies." Shares of US Steel were up 5.6%.

Price: 242.23, Change: -3.89, Percent Change: -1.58