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U.S. Stocks Fall Despite Big Jump in June Jobs

Published 07/08/2022, 09:28 AM
Updated 07/08/2022, 09:34 AM
© Reuters.

By Liz Moyer -- 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.

Latest comments

gold next week 1780
The headlines under Biden will turn good news into bad news and bad news into real bad news. while they make this fake recession
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.
More jobs = more inflation, higher rates from fed = crash on wall street in the autumn for sure now !!!
it was already priced in. the market has gone up like crazy these past few days. markets always work on future not present.
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
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).
Jump in job gives green light to fed to hike as there is less concern on trigging recession. Hence market drops.
no recession mean no worry, market will turn up soon
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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