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Dow holds near 54,000 as payrolls wait for Wednesday data

The session stayed within barely a 200 point range and Intel slid 3% after announcing a plan to sell $15 billion of common stock.

Reported · Written up by our desk · Major Pairs

The Dow Jones Industrial Average held close to 54,000 on Monday, down about 0.1% and trading within a narrow band of barely 200 points, the tightest daily range in weeks, as the index stayed inside Friday's trading range and Friday sat inside Thursday's range, according to FXStreet.

The article said the index was not breaking out higher or giving back last week's record levels, with investors instead waiting for Wednesday. It noted Intel, outside the Dow, led the single stock move on the day, falling 3% after it said it would sell $15 billion of common stock, a move that did not directly affect the Dow's level.

FXStreet also pointed to recent labor-market and productivity data that influenced the narrative around the labor share, saying Thursday's second-quarter productivity report showed the labor share fell to 52.9%, the lowest in a series dating back to 1947. It added that unit non-labor payments rose 14% at an annual rate, while output per hour rose 1.4% in the quarter and 2.2% versus a year earlier.

The piece argued that productivity did not explain why workers continue to lose ground, stating that hourly compensation rose 2.7% and fell 3.1% once consumer prices are factored in, and that unit labor costs rose 1.3%. It further tied the setup to rates expectations, saying an accompanying value-added price deflator ran near 7% annually against labor-cost measures, and that energy, tariffs, and margins were cited as potential contributors to the gap.

Latest closeDow Jones 53,885.10 ▼0.8%

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