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US stock futures fall after much stronger-than-expected jobs report bolsters Fed rate hike hopes

U.S. stock index futures showed a much stronger reading on Friday morning than expected for jobs in July, boosting hopes that the Federal Reserve will continue to aggressively raise interest rates to keep inflation in check. fell.

what’s happening
  • Futures on the Dow Jones Industrial Average
    YM00

    was down 136 points (0.4%) to 32,545.

  • S&P500 Futures
    ES00

    It was 28 points, or 0.7% off, at 4,124.25.

  • NASDAQ 100 Futures
    NQ00

    13,209 lost 117 points, or 0.8%.

Stocks posted a mixed finish on the Dow on Thursday
DJIA

The S&P 500 is down 85.68 points, or 0.3%.
SPX

Down 0.1%, Nasdaq Composite
COMP

increased by 0.4%.

market driver

US economy Added 528,000 jobs in July, well above the 258,000 consensus estimate reported by the Labor Department. The unemployment rate fell from 3.6% to 3.5% and the average hourly wage rose 15 cents (0.5%) to $32.27.

Layoff announcements by a number of high-profile companies have previously raised concerns that a robust labor market may be softening.

Ryan Belanger, Managing Principal and Founder of Claro Advisors, said: “As many large and small businesses have recently taken steps to delay hiring or furlough existing employees, the jury will be on the lookout for whether this robust hiring pace will continue. I am making a decision.”

“The Fed’s top priority is fighting inflation, so next Wednesday’s CPI data will weigh more heavily on Fed policy than Friday’s jobs report,” Berenger said in an email. Stated.

Federal Reserve futures traders priced in a 66% chance of a 75 basis point rate hike in September, up from 34% on Thursday. A trader has a 59.5% chance of seeing a 50 basis point move.

Meanwhile, geopolitical tensions remain an undercurrent in the market.Conducted by China “Precision Missile Attack” off the coast of Taiwan on Thursday as part of military exercises that have raised tensions in the region to their highest level in decades after U.S. House Speaker Nancy Pelosi visited the island.

Japan’s Defense Minister Nobuo Kishi said five of the missiles launched by China landed in Japan’s exclusive economic zone off the coast of Hateruma, far south of Japan’s main island. He said Japan protested the missile landing in China as a “serious threat to Japan’s national security and the safety of the Japanese people.”

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Featured Company
  • Tesla Inc.
    TSLA

    shareholders on thursday approved the proposal Expected to lead to a 1-for-3 stock split, it sided with the company in most of the proposals put to the vote.

  • memestock favorites AMC Entertainment Holdings Co., Ltd.
    AMC

    Announced special dividend late Thursday “Ape” preferred stockAMC shares fell 9%.

  • shares of Tsuirio Co., Ltd. TWLO Down 9.6% After Software Firm Outlook Falling short of Wall Street expectations It follows the previous quarter’s record as reported.

  • Door Dash Co., Ltd.
    dash

    Shares rose 11% after the company reported late Thursday continuous growth It said the food delivery business remained healthy despite the economic uncertainty, although the loss was larger than Wall Street expected.

  • shares of Cloud Fair Co., Ltd.
    Net

    It rose 18% after the cybersecurity firm reported better-than-Wall Street results late Thursday, raised earnings outlook One year period.

  • Beyond Meat Co., Ltd.
    BYND

    Shares fell 3% after the plant-based meat substitute maker reported a higher-than-expected net loss and lower-than-expected earnings on Thursday afternoon. layoff announcement.

  • Block Co., Ltd.
    SQ

    Shares fell 7% after the payments technology company’s announcement late Thursday. lost The Company also expects July volume growth for the Square Seller business to be lower than its second quarter guidance on a year-over-year basis.

  • Carvana Corporation
    CVNA

    Shares rose 8.5% despite being a used car retailer. disappointing It recorded a bigger loss than analysts expected.

Other assets
  • 10 year government bond yield
    BX: TMUBMUSD10Y

    rose 3 basis pints to 2.701%. Yields and bond prices move in opposite directions.

  • ICE USD Index
    DXYMore,

    The currency measure against a basket of six major rivals rose 0.2%.

  • Bitcoin
    BTCUSD

    It rose 2.4% and traded above $23,200.

  • US oil benchmark
    CL

    Gold futures fell 0.7% to below $88 a barrel.
    GC00

    It was down 0.3% near $1,801 per ounce.

  • Stocks Europe 600
    XX:SXXP

    London’s FTSE 100 fell 0.3%.
    United Kingdom: UKX

    It was down 0.2%.

  • Shanghai general
    CN: SHCOMP

    The Hang Seng Index closed 1.2% higher.
    HK: HSI

    Hong Kong rose 0.1%, Japan’s Nikkei 225 rose
    JP: Nick

    increased by 0.9%.

The Associated Press contributed to this report.

US stock futures fall after much stronger-than-expected jobs report bolsters Fed rate hike hopes

Source link US stock futures fall after much stronger-than-expected jobs report bolsters Fed rate hike hopes

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