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US stocks rise as July jobs report shows unexpected job losses
The Labor Department said the US economy lost 23,000 jobs in July, pushing the unemployment rate to 4.1%, a data point investors will weigh ahead of the Fed's next rate decision.
US stocks edged higher on Friday as investors digested a July jobs report that showed a surprise decline in employment growth and its implications for the Federal Reserve's interest rate policy path, according to Yahoo Finance.
The Dow Jones Industrial Average rose 0.1%, the S&P 500 gained 0.3%, and the Nasdaq Composite increased 0.8%. The report showed the US economy unexpectedly lost 23,000 jobs, while the unemployment rate ticked down to 4.1%.
Economists surveyed by Bloomberg had expected 80,000 jobs to be added and an unemployment rate of 4.2%. With rate-hike expectations in focus, attention also turned to the New York Fed's one-year inflation expectations data, which was due alongside the jobs report.
In energy markets, oil prices slipped on uncertainty over when the war will end after reports of explosions in the Strait of Hormuz, and traders continued watching potential plans to reopen the waterway. Yahoo Finance also noted that Friday's earnings calendar was lighter than recent days, with Vistra, Oklo, Under Armour, and Wendy's among the day's major reports.
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