US EditionUS Stocks Wobble After Feeling Both the Upside and Downside of a Strong Jobs Report
Stronger payroll gains of 130,000 and lower unemployment raised Treasury yields and postponed Federal Reserve interest rate cuts, affecting Wall Street and global markets.
- On Wednesday, the Labor Department reported US employers added 130,000 jobs last month, and Wall Street swung between gains and losses as the S&P 500 flipped intraday.
- Federal Reserve expectations shifted after the strong jobs report, as the stronger data could keep the Federal Reserve from cutting rates and traders delayed bets, according to CME Group data, with the 10-year Treasury holding at 4.16 per cent late Tuesday.
- By early afternoon trade the indexes indicated the S&P 500 was up 0.2 per cent, the Dow rose 19 points, and the Nasdaq fell 0.1 per cent, after Wednesday's report included major revisions showing 181,000 jobs added for last year.
- Several big-name stocks moved sharply after the report, with Exxon Mobil climbing 3 per cent, Smurfit Westrock jumping 10 per cent despite weaker profit, and Moderna falling 5.8 per cent after FDA rejection.
- The next monthly update on inflation at the US consumer level arrives on Friday and will likely influence the Fed, while lower rates could boost growth though they risk worsening inflation.
35 Articles
35 Articles
Sydney Morning Herald
Banks, utilities help drive ASX to record high; AMP, Temple & Webster tumble
The Australian sharemarket has advanced at the open as investors digest a raft of results, with ANZ Bank soaring at the open on the back of its trading update while wealth giant AMP and retailer Temple & Webster suffered heavy falls.
Wall Street records moderate downward movements in the majority, as investors are absorbing employment data in the United States.Nasdaq reports a fall of 0.8 percent, at 22 thousand 922 points, followed by the S&P 500 that drops 0.35 percent, at 6 thousand 917 integers, and for the Dow Jones, it reports a 0.4 percent downward movement, at 49 thousand 973 units.Volatility is also reflected in the VIX index, which records a 6 percent increase in t…
US stocks wobble after feeling both the upside and downside of a strong jobs report
NEW YORK (AP) — U.S. stocks are feeling both the upside and downside Wednesday of a surprisingly strong report that said the nation’s unemployment rate improved last month.After initially rising toward its all-time high, the S&P 500 flipped to a loss before pulling back to a rise of less than 0.1% The Dow Jones Industrial Average was down 190 points, or 0.4%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.1% lower. Both also erased e…
US stocks open in the red: Dow down over 100 points, Nasdaq slips 0.4%
US equities traded lower on Monday as investors turned cautious ahead of a series of closely watched economic releases and another round of corporate earnings, following a volatile week that ended with the Dow Jones Industrial Average reaching a historic milestone. The Dow Jones Industrial Average fell 128 points, or about 0.2%, in early trading. The S&P 500 was also down 0.2%, while the Nasdaq Composite slipped 0.4%, reflecting renewed pressure…
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