Midday Report: DreamWorks Swings to Surprise Profit; U.S. Stocks Slump

U.S. stocks were near session lows as a disappointing snapshot of the labor market exacerbated worries over the economy.

Author:: Keris Alison Lahiff
Publish date:: May 6, 2016 12:07 PM EDT

U.S. stocks were near session lows on Friday as a disappointing snapshot of the labor market exacerbated worries over the U.S. economy. The Nasdaq fell into correction territory, down more than 10 percent from its 52-week high. DreamWorks (DWA) swung to surprise profit in its recent quarter, while revenue jumped 14 percent. The better-than-expected quarter is a boon for NBCUniversal, a division of Comcast (CMCSA) - Get Report , which agreed to purchase the animation studio in late April. Yelp (YELP) - Get Report surged after topping quarterly estimates on its top- and bottom-line in its first quarter, though higher spending did cause another loss for its fifth straight quarter. The online reviews site also boosted full-year sales guidance. Jack Dorsey's Square (SQ) - Get Report plummeted after reporting a quarterly net loss nearly five times steeper than expected. TheStreet's Keris Lahiff reports from Wall Street.