CNBC Daily Open: Why markets aren’t always a good barometer for the economy

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Mixed jobs report
The U.S. economy added 142,000 nonfarm jobs in August. That's fewer than the 161,000 expected by Dow Jones, but better than July's revised 86,000. Unemployment in August ticked down to 4.2% from 4.3% as the labor force grew 120,000 for the month.

Slumping stocks
U.S. markets fell Friday, with the Nasdaq Composite sliding 2.55% to end the week more than 10% off its record close. All major indexes closed in the red for the week. The pan-European Stoxx 600 index lost 1.07%. The benchmark ended the week 2.5% lower, its biggest weekly loss in a month.

Sinking oil
It wasn't just the stock market that had a bad week. The price of U.S. crude oil slumped 8% last week, clocking its worst week since June 2023. At its lowest, West Texas Intermediate's October contract touched $67.16 per barrel. Next year's not going to be any better: Bank of America slashed its price forecast for oil to $71 from $75.

Stiglitz and Yellen
Ahead of the jobs report, Nobel Prize-winning economist Joseph Stiglitz said the U.S. Federal Reserve raised rates "too far, too fast," and a 50-basis-point cut would help both inflation and jobs. Meanwhile, U.S. Treasury Secretary Janet Yellen reassured the public on Saturday that she sees – and hopes to continue seeing – "a good, solid economy."

[PRO] The bull limps on
The S&P 500 entered a bull market nearly two years ago, writes CNBC Pro's Michael Santoli, spurred by the belief a soft landing's the destination for the U.S. economy. But with the job market softening