Wall Street trades mixed as U.S. job creation data drives major indexes
On the day of the release of figures relating to job creation in the US, the main North American indexes opened the last weekly session divided, with more losses than gains.
The S&P 500 fell 0.31% to 5,486.49 points, while the Nasdaq Composite continued to lose 1.01% to 16,955.03 points. The Dow Jones grew 0.30% to 40,876.21 points
The US labor market added 142,000 jobs in August – fewer than the 163,000 expected – after downward revisions for the previous two months, data from the US Bureau of Labor Statistics revealed. this Friday. In addition, the unemployment rate fell in the world’s largest economy, to 4.2%, the first drop in five months.
Morgan Stanley’s Chris Larkin told Bloomberg that “for now, a 25 basis point cut remains the baseline scenario for a cautious Fed. In the meantime, markets are likely to be sensitive to any further data suggesting the economy is cooling too much.”
New York Fed President John Williams said it was now appropriate for the central bank to cut interest rates, given the progress made in reducing inflation and the cooling labor market.
The data is seen as very relevant for the Fed, at a time when the first cut in key rates in the country since March 2020 is expected. The Fed meeting – at which the announcement of an easing in monetary policy is expected to take shape – is scheduled for September 17 and 18.
Reuters notes that it is common for job creation data for the month of August to fall below expectations and then be revised upwards, with hiring likely to increase in the education sector.
Among the “big tech” companies, Apple rose 1.03% and Microsoft rose 0.10%. Nvidia lost 1.21%, Amazon fell 0.62% and Alphabet fell 1.42%. The target remained unchanged.
Source: www.jornaldenegocios.pt
