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Stocks rise after weaker-than-expected jobs report eases Fed hike fears
The S&P 500 gained 0.3% by late morning, while the benchmark 10-year Treasury yield fell to 4.63% from 4.67% after the jobs data.
US stock indices moved higher on Friday after softer-than-expected jobs data reinforced expectations that the Federal Reserve is likely to keep interest rates unchanged at its September meeting. As of 9:55 a.m. Eastern Time, the S&P 500 was up 0.4%, the Dow Jones Industrial Average rose 0.2%, and the Nasdaq Composite climbed 1%. The U.S. Bureau of Labor Statistics reported that non-farm payrolls fell by 23,000 in July following a combined 103,000 downward revision to the May and June figures. The unemployment rate eased to 4.1%, and Sam Stovall of CFRA said the much weaker jobs outcome reduced concerns that a stronger report would give the Fed additional reasons to raise rates on September’s agenda. Markets also reflected shifting rate expectations in the bond market. The yield on the benchmark 10-year U.S. Treasury declined to 4.63% from 4.67% after the report, while the 2-year yield slipped to 4.19% from 4.22%, a portion of the curve closely tied to near-term policy expectations. The next Fed policy meeting is scheduled for September 15-16, when officials will decide whether to adjust borrowing costs. The article also notes that chip stocks were among the session’s gainers, with Nvidia up 1.3%.
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