NEW YORK (dpa-AFX) – The US job market report caused a small roller coaster ride on Wall Street and the Nasdaq stock exchanges on Friday. Towards the end of trading, investors became more cautious, so the initial gains crumbled and turned into losses. The mixed job data was interpreted differently. Some see it as a signal that the cycle of interest rate hikes has probably come to an end. The skeptics take a wait-and-see position and stress that the US Federal Reserve will continue to keep all doors open.
The best-known Wall Street index Dow Jones Industrial (Dow Jones 30 Industrial) ended the day after a mostly slightly positive trend with a minus of 0.43 percent to 35,065.62 points. For the first week of August there is a loss of around one percent. The market-wide S&P 500 lost 0.53 percent on Friday to 4478.03 points. The technology-heavy selection index NASDAQ 100 fell by 0.51 percent to 15,274.92 points. His weekly loss adds up to three percent.
The job market in the world’s largest economy presented a mixed picture in July. Although it remained robust overall, there were also signs of weakening. The increase in the number of employees fell short of expectations, while the unemployment rate fell. Wage growth remained solid.
LBBW analyst Dirk Chlench commented that a weakening is slowly emerging on the labor market, which is “overdue” in view of the Fed’s interest rate hikes in the past. With a view to US key interest rates, he therefore believes the end of the road has been reached. Ulrich Wortberg from Helaba, on the other hand, pointed to the robust wage development, which is making the fight against inflation more difficult. According to him, the Fed should therefore not announce an end to the interest rate hikes./ck/he
2023-08-04 20:17:39
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