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US stock indices struggled to gain traction on Friday morning, with benchmarks mostly falling lower after a monthly employment report came in weaker than expected. However, the softer data was judged insufficient to derail the Federal Reserve’s intentions to unwind accommodative policies and eventually raise interest rates to fight inflation in 2022.
What is going on
-
The Dow Jones Industrial Average DJIA,
+0.26%
fell 72 points, or 0.2%, to 36,164. -
The S&P 500 Index SPX,
-0.11%
fell 0.1%, or 3 points, to 4,694. -
The Nasdaq Composite Index COMP,
-0.55%
advanced 30 points, or 0.2%, to reach 15,112.
On Thursday, the Dow fell 171 points, or 0.5%, to 36,236, the S&P 500 fell 0.1% and the Nasdaq Composite lost 0.1%. The Nasdaq is now 6% below its November peak.
What drives markets?
The U.S. economy added 199,000 jobs in December, the Labor Department reported Friday, well below economists’ forecast polled by The Wall Street Journal for an increase of 422,000 for the month, pointing to some impact of ommicron’s spread on the job market. .
However, market participants likely view the report as lackluster, but also not damaging enough to give central bankers reason to pause what it has expressed as a plan to tighten financial policy faster and faster than previously expected.
The U.S. unemployment rate fell from 4.2% to 3.9%, while the average hourly wage rose 19 cents, or 0.6%, to $31.31, as the data shows, which has shown a bright spot for some .
The report comes after a private sector poll rose by 807,000 in December. according to the ADP National Employment Report released Wednesday, marking the strongest gain since May.
“Friday’s weaker-than-expected jobs report was surprising given the strength in Wednesday’s ADP private payrolls report, but we remind investors that monthly jobs data is subject to revisions in the coming months,” wrote Jay Pestrichelli, CEO of ZEGA Financial. in comments by email.
The data also comes during a week in which the yield on the 10-year Treasury TMUBMUSD10Y,
up sharply – growth stocks under pressure and financial support.
Which companies are central?
-
Shares of Gap Inc. GPS,
-1.32%
were in focus after Kanye West, now known as Ye, announced a collaboration with luxury label Balenciaga for a Yeezy collection that will be available at Gap. The retailer’s shares fell 1.5%. - Boot Barn Holdings Inc. BOOT shares rose in Friday trading after the retailer announced its fiscal third-quarter results, with numbers beating Street’s expectations.
- CinCor Pharma Inc. CINC, is expected to go public on the Nasdaq Friday, following the upgraded IPO of the Massachusetts-based biopharmaceutical company priced overnight at $16 a share, in the middle of the projected range of between $15 and $17 a share. part.
- Willis Towers Watson WLTW said it would change its Nasdaq stock ticker symbol to “WTW” at the opening of market trading Monday, Jan. 10.
What about other assets?
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The ICE US Dollar Index DXY, a measure of the currency against a basket of six major rivals, fell 0.3% for the day but rose 0.1% for the week.
-
Oil futures moved lower with the US benchmark CL00 falling from 0.4% to $79.18 a barrel. Gold Futures GC00 was trading 0.1% higher at $1,791.30/oz.
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Bitcoin BTCUSD fell 3% to around $41,000.
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The Stoxx Europe 600 SXXP was trading 0.4% lower, while the London FTSE 100 UKX rose 0.2%.
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The Shanghai Composite SHCOMP fell 0.2% on Friday, while the Hang Seng Index HSI rose 1.8% and Japan’s Nikkei 225 NIK ended flat.
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Sources 2/ https://www.marketwatch.com/story/u-s-stock-futures-edge-higher-ahead-of-key-jobs-report-11641552704 The mention sources can contact us to remove/changing this article |
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