US stocks open higher on disappointing August jobs report

Major US equity indices opened higher on Friday after weaker-than-expected NFP print now seems to have convinced markets that the Federal Reserve might refrain from hiking interest-rates at its meeting on September 20-21.

According to the closely watch monthly jobs report released by the Labor Department, US economy added 151,000 jobs in August, while the unemployment rate remained unchanged at 4.9%. The headline numbers was weaker-than street expectations of 180,000 new jobs and a drop to 4.8% in the unemployment rate.

During early trade, Dow Jones Industrial Average was up 110 points at 18,530, while the broader S&P500 index added 13 points to 2,184. Meanwhile, tech heavy Nasdaq composite gained 36 points and rose to 5,263.

Of late, stock markets have been losing traction on expectations of an eventual Fed rate-hike decision in the coming month, which typically hurts riskier asset class - like equities. Nevertheless, all the three major equity indices still seems to be on track to post marginal weekly gains.

In the FX market, the overall US Dollar Index turned lower after the August jobs report failed to provide clarity over the near-term path of the Federal Reserve's next monetary policy action.