© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks have recovered some of their early losses after a much stronger than expected July jobs report raised alarms that the Federal Reserve would continue its aggressive interest rate increases.
At 10:28 AM ET, the was down 32 points, or 0.1%, while the was down 0.1% and the was down 0.1%.
July rose 528,000, more than double the 250,000 expected, while the dipped to 3.5% from 3.6%, where it had been since April.
Normally a strong report on jobs would be reason to cheer, and investors have lifted stocks in recent weeks amid strong earnings reports. But Wall Street betting odds now favor another three-quarter point rate increase in September, when some expected in recent days that might ease back.
The central bank policymakers will meet at an annual conference and then have their policy meeting in September. They will have the chance to see more economic data, including inflation data, before that.
Expedia Inc (NASDAQ:) shares rose nearly 1.5% after the travel booking site reported strong travel demand, helping it . Lodging revenue rose nearly 60%.
LYFT Inc (NASDAQ:) shares jumped 14% after the ride-hailing app said ridership was the highest it’s been since before the pandemic, another positive sign of routines returning to normal.
Warner Bros Discovery Inc (NASDAQ:) shares tumbled 13% after the newly combined media company reported a $3.4 billion loss for the . Restructuring and transaction costs weighed on the bottom line. Streaming growth also slowed.
Oil rebounded, too. rose 1.8% to $90.06 a barrel, while crude was up 1.7%, to $95.73 a barrel. was down 0.8%, to $1,792 an ounce.
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