U.S. stocks are sluggish after monthly employment data

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Following three consecutive wins, stocks showed a lack of direction during the trading session on Friday. The main average spent most of the session bouncing back and forth on unchanged lines.

The main average ended the day in the negative territory, below what the Nasdaq corresponds. The Nasdaq fell 74.49 points (0.5%) to 14,579.54, while the Dow fell 8.69 points (less than a tenth percent) to 34,746.25 and the S & P 500 fell 8.42 points (0.2%) to 4,391.34. became.

Although the price fell and closed on the day, all major averages turned up that week. The Dow rose 1.2%, the S & P 500 rose 0.8% and the Nasdaq rose 0.1%.

Unstable trading on Wall Street came after the Labor Department’s careful monthly employment report showed much weaker employment growth than expected in September.

According to the report, non-farm payrolls increased by 194,000 in September after an increase in 366,000 jobs, which was revised upward in August.

Economists expected employment to increase by 500,000 compared to the 235,000 additional jobs originally reported last month.

Despite much weaker employment growth than expected, the unemployment rate fell from 5.2% in August to 4.8% in September. The unemployment rate was expected to drop to 5.1%.

The unemployment rate has fallen more than expected and has fallen to its lowest level since reaching 4.4% in March 2020.

However, the decline in employment rates was partly due to the shrinking labor force, reflecting prolonged labor supply constraints.

Although most economists agree that disappointing employment growth does not discourage the reduction of Federal Reserve stimuli, the data provide some uncertainty about the outlook for monetary policy. rice field.

Andrew Hunter, senior US economist at Capital Economics, said: “The disappointing increase in non-farm payrolls of 194,000 in September is’decent enough to start declining asset purchases next month. “It will be counted as a thing,” he said.

“But along with signs of a sharp slowdown in activity growth, worsening labor shortages are putting serious upward pressure on wage growth, and the federal government over the next few months, he added. It seems to put officials in an uncomfortable position, “he added.

Sector news

Most of the major sectors ended the day with only modest movements, market..

However, energy stocks have shown significant strength as soaring oil prices have contributed to the strength of the sector. Crude oil delivered in November jumped from $ 1.05 a barrel to $ 79.35.

Reflecting the strength of the energy sector, the NYSE Arca Oil Index and Philadelphia Oil Services Index rose 2.7% and 2.4%, respectively, and the NYSE Arca Natural Gas Index rose 1.4%.

Transport and bank stocks also remained strong on the day, and telecommunications and commercial real estate stocks began to decline.

Other markets

In foreign trading, the Asia-Pacific stock market almost rose during Friday’s trading. Japan’s Nikkei 225 Index rose 1.3%, while China’s Shanghai Composite Index rose 0.7% as trading resumed after a week’s vacation.

Meanwhile, major European markets performed differently on the day. The UK’s FTSE 100 index rose 0.3%, the German DAX index fell 0.3%, and the French CAC 40 index fell 0.6%.

In the bond market, government bonds initially showed a lack of direction and then fell during the session. Since then, the yield on benchmark 10-year bonds, which move in the opposite direction of the price, has risen 3.4 basis points to a four-month closing price of 1.605%.

Future outlook

Next week’s transactions could be affected by consumer and producer prices, retail sales, import and export reports, and a reaction to the latest federal minutes.

Financial giants JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), Wells Fargo (WFC) and Goldman Sachs (GS) quarterly I will report the result of.

Contact for comments and feedback: editorial@rttnews.com

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U.S. stocks are sluggish after monthly employment data

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The post U.S. stocks are sluggish after monthly employment data appeared first on Eminetra.

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