NEW YORK (dpa-AFX) – The eagerly awaited US job market report for June was unable to push the US stock exchanges on Friday. Although he had positives and negatives ready for investors, the pessimists prevailed in late trading: the leading index Dow Jones Industrial lost 0.55 percent to 33,734.88 points. The first stock market week in July was dreary for the Dow with a loss of around two percent.
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The news was mixed: US employment rose a little less than expected in June, which came as a positive surprise after yesterday’s very strong private employment data. At the same time, however, hourly wages have increased more than expected. The latter suggests that the US Federal Reserve will continue to pursue a restrictive monetary policy in order to keep inflation in check.
The market-wide S&P 500 ended the last trading day of the week down 0.29 percent to 4398.95 points. The tech-heavy Nasdaq 100 was down 0.35 percent to 15,036.85 points.
“The labor market continues to run very smoothly,” wrote economist Thomas Gitzel from VP Bank. With the once again solid figures from the labor market, another interest rate hike by the Fed at the end of July is very likely. “But this should then be the final rate hike,” said the economist. Because “first gentle cracks” in the hitherto robust labor market in the USA are recognizable.
On the company side, as on the previous day, the focus was on Meta, among other things. The reason is the competing app for the short message service Twitter, launched under the name Threads. According to Meta boss Mark Zuckerberg, it soon has 70 million users. According to a media report, Twitter is now threatening the Facebook group with a lawsuit. Meta shares were not impressed, they fell slightly.
The shares of the Chinese Internet group Alibaba listed on the New York Stock Exchange went up by a good 8 percent. On Friday it became known that China had imposed a fine equivalent to 900 million euros on Alibaba’s Ant Group, an investment company specializing in financial technology. This could end a long-running dispute. As it was said, the Ant Group should now be more flexible in its decisions.
The papers of the mining company Newmont increased by almost two percent. A new buy recommendation from the major bank Barclays for the paper helped here.
Visually, the biggest loser on the Dow was Verizon, down 3.3 percent, or $1.23. However, that was partly due to the telecom group’s dividend payment, which pays $0.65 per share to shareholders.
The euro benefited from the US jobs report, which triggered a weakness in the dollar. In late US forex trading, the euro rose to $1.0965. The European Central Bank had set the reference rate at 1.0888 (Thursday: 1.0899) dollars. The dollar had thus cost 0.9184 (0.9175) euros.
After the job report, little happened on the US Treasury market. The futures contract for ten-year bonds (T-Note Future) fell by 0.04 percent to 110.56 points. The yield for ten-year Treasuries was 4.07 percent./bek/he
— By Benjamin Krieger, dpa-AFX —
Source: dpa-AFX
2023-07-07 20:18:00
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