Dow sustains triple-digit loss as jobs data cast new doubt on rate-cut prospect
U.S. stock futures retreated Friday morning, after the monthly government payrolls report estimated the economy added a better-than-expected 224,000 jobs in June, reducing the chances of a Federal Reserve interest rate cut in July.
The trio of equity gauges finished at all-time highs on the same day for the first time since Jan. 26, 2018, according to Dow Jones Market Data. Prior to the jobs release Wall Street, as gauged by CME Group data, was pricing in a near-certain reduction of rates, with the market placing a 25% probability that the Fed will cut rates by 50 basis points, rather than its typical 25, later this month. After the release, the probability of a 50 basis point cut fell to 15.2%.
Also potentially on investors radar were ongoing trade negotiations between the U.S. and China. Markets rallied earlier this week on the news that President Trump and Chinese President Xi Jinping had agreed to restart trade negotiation and Chinese purchases of U.S. agricultural products, while the U.S. pledged to not implement new tariffs and to allow U.S. tech companies to sell some goods to Chinese telecom giant Huawei Technologies Inc.
“This means Trump will have to defend any deal with Beijing against Democrat criticism. It also remains the case that the Fed, via its dovish language of late, has enabled Trump’s hardline on trade,” he added.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Stock markets poised for a pull back from records as investors await Friday jobs reportU.S. stock futures retreat Friday morning after the three main benchmarks all ended a holiday-shortened session on Tuesday at records on the same day for the first time in 17 months, as investors eagerly awaiting a key read on the labor market.
Leer más »
Friday Faves - The FitnessistaHi friends! Happy weekend to ya. I hope you had a wonderful 4th! We’re here in San Diego for a few days, and loving being back at the beach and back in all of our usual spots. The fresh ocean air feels amazing, and I’m looking forward to spending time with our SD friends for…
Leer más »
Stock buybacks declined last quarter, but it's not time to panic yetStock buybacks, which have long been a pillar of support for the broader market, just contracted for the first time in seven quarters. The 'Halftime Report' traders make the case for why the decline isn't as bad as it might sound.
Leer más »
Cramer: Buy pot stock Canopy Growth despite the firing of co-CEO and founder Bruce Linton'I have no idea why people are selling it,' says CNBC's Jim Cramer, arguing the new CEO, who has yet to be named, will help lead the company in a new direction.
Leer más »