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Govinda Neupane
Jul 08, 2022 11:40AM ET
gold next week 1780
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
U.S. Stocks Fall Despite Big Jump in June Jobs
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks were falling Friday despite a robust jobs report for June that pushed aside, at least for now, ongoing fears about a recession.
At 10:18 AM ET the Dow Jones Industrial Average was down 89 points, or 0.3%, while the S&P 500 fell 0.5% and the Nasdaq fell 0.6%.
The economy added 372,000 jobs last month, compared with expectations for 268,000, while the unemployment rate stayed at 3.6%.
The tight labor market comes despite the Federal Reserve’s attempts to cool demand, and Friday’s number isn’t likely to knock the central bank off its goal of taming inflation by raising interest rates quickly. Expectations are that the Fed will raise rates by another 0.50 to 0.75 percentage point later this month.
Twitter Inc (NYSE:TWTR) shares fell 3.4% after a report in the Washington Post that Elon Musk’s deal for the social media company was in jeopardy.
Shares of GameStop Corp (NYSE:GME) fell 9% after the videogame retailer said it had replaced its chief financial officer and would lay off employees. The company earlier announced a 4-for-1 stock split.
Oil rose. Crude Oil WTI Futures was up 2.2%, to $105 a barrel, and Brent Oil Futures crude was up 2%, to $106 a barrel. Gold Futures was flat at $1,740.
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Comments (6)
Robert Palumbo
Jul 08, 2022 10:26AM ET
The headlines under Biden will turn good news into bad news and bad news into real bad news. while they make this fake recession
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Brad Albright
Jul 08, 2022 10:26AM ET
This is absolutely correct! I was on a conference call last right with them, and we all agreed to not post any headlines with good news.
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Buy And Sell
Jul 08, 2022 10:26AM ET
More jobs = more inflation, higher rates from fed = crash on wall street in the autumn for sure now !!!
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soho electronics
Jul 08, 2022 10:12AM ET
it was already priced in. the market has gone up like crazy these past few days. markets always work on future not present.
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Kelly Mayer
Jul 08, 2022 10:12AM ET
No. The market cannot predict economic reports. The institutions want new lows so they can get nice entry points. They will take the market down with their reuters fearmongering machine. Sp500 will go to sub 3500. Then we get our bottom, likely
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Brad Albright
Jul 08, 2022 10:12AM ET
This is true. I was on a conference call last night with the institutions, and we all agreed to keep the petal to the mettle on the Reuters fear machine (or the panic wagon, as we call it).
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Antonio Velardo
Jul 08, 2022 10:11AM ET
Jump in job gives green light to fed to hike as there is less concern on trigging recession. Hence market drops.
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Voon Foo
Jul 08, 2022 10:11AM ET
no recession mean no worry, market will turn up soon
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Kelly Mayer
Jul 08, 2022 10:11AM ET
High inflation and high rates is where we are headed. They will slowly bleed out the economy. Then you get a rally to new highs soon, which can last a few years if inflation and rates are balanced out enough.
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pcqsn smwop
Jul 08, 2022 9:57AM ET
Anything new?
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