Nasdaq fall Friday
Nasdaq fall Friday: Stocks wavered Friday in a volatile trading session after the July jobs report was much better than expected, as investors assessed what a strong labor market would mean for the Federal Reserve’s rate tightening campaign.
The Dow Jones Industrial Average gained 76.65 points, or 0.23%, to end at 32,803.47. Even with Friday’s gains, however, it fell on the week. The S&P 500 shed 0.16% to end at 4,145.19, and the Nasdaq Composite lost 0.50% Friday, falling to 12,657.56. Still, both the S&P 500 and the Nasdaq ended the first week of August higher.
Wall Street set to fall as solid jobs data fuels rate hike worries
Losses were offset by bank stocks, which rose in hopes that interest rate hikes will continue at a solid clip. Energy stocks also gained, but technology companies slumped.
The labor market added 528,000 jobs in July, easily beating a Dow Jones estimate of a 258,000 increase. The unemployment rate ticked down to 3.5%, below the 3.6% estimate. Wage growth also rose more than estimated, up 0.5% for the month and 5.2% higher than a year ago, signaling that high inflation is likely still a problem.
Stocks opened lower following the report, even as it seemed to indicate the economy was not currently in a recession. Job growth was expected to slow as the Fed continues to hike interest rates to tame inflation, but this report shows a labor market still running hot. That means the central bank may act more aggressively at its next meeting.
US STOCKS SNAPSHOT-Futures fall sharply as strong jobs data fuels rate-hike worries
“Anybody that jumped on the ‘Fed is going to pivot next year and start cutting rates’ is going to have to get off at the next station, because that’s not in the cards,” said Art Hogan, chief market strategist at B. Riley Financial. “It is a situation where the economy is not screeching or heading into a recession here and now.”
Friday’s jobs report is a crucial one as it’s one of two the central bank will see before it decides how much to raise rates at its September meeting. Indeed, traders are already betting on a tougher stance from the Fed. Policymakers will have another jobs report and two more consumer price index numbers to weigh before the central bank makes its next rate decision.
Today’s Stock Market News, Aug. 5, 2022: S&P 500 Finishes Lower After U.S. Economy Added 528,000 Jobs in July
Major averages posted their best month since 2020 in July in the hope the Fed would slow the pace of its hikes. The S&P 500 added 9.1% last month.
Warner Brothers Discovery’s first earnings report as a merged entity captured the attention of the pros on CNBC. Shares tumbled more than 16% Friday. On the horizon, Disney’s quarterly results — due Wednesday — are also a major focal point for investors and analysts.
https://economictimes.indiatimes.com › markets › nasdaq
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Investors were left poorer by Rs 3.36 lakh crore as the total market cap of BSE-listed firms, which reflects investor wealth, slipped to Rs 269.85 lakh crore.
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Stock market data coverage from CNN. View US markets, world markets, Friday’s job report will likely show slower growth. That’s what the Fed wants.