The U.S. labor market showed unexpected strength in August with 162,000 jobs added, far exceeding the 53,000 forecast, pushing bond yields higher and weighing on stocks. Lululemon shares plummeted more than 20% after a weak quarter, with full-year revenue guidance cut to $10.35 billion to $10.5 billion from $11 billion to $11.15 billion. Multiple analysts adjusted price targets on major names: Stifel raised Microsoft to $530, Mizuho cut Intel to $92, and Wells Fargo lifted Merck to $170. Apple is producing its upcoming foldable iPhone in limited quantities of just a few hundred units per day due to quality control issues ahead of a product event expected Wednesday.
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