Barron's on MarketWatch: Was this morning's jobs report too good?
The Dow Jones Industrial Average looked set for a lower open after the U.S. added more jobs than expected in June, lowering chances for a big interest rate cut by the Federal Reserve.
Dow futures have fallen 67 points, or 0.3%, while S&P 500 futures have declined 0.3%, and Nasdaq Composite futures have dropped 0.3%. The U.S. added 224,000 jobs in June, topping expectations for 164,000, while the unemployment rate ticked up to 3.7%, higher than expectations for 3.6%. Wages grew by 3.1 year-over-year, below forecasts for 3.2%, as labor-force participation increased.
Chances of a 50 basis-point rate cut at the July FOMC meeting dropped from nearly 26% on Thursday to 8% on Friday, according to Bloomberg. “As for the Fed, this reduces the risk of a July rate cut and almost certainly is the nail in the coffin against a rate cut of more than 25 bps,” writes Jefferies economist Thomas Simons. “This is a muscular report that will allow the Fed to breathe a sigh of relief and would open the door for them remaining ‘patient’.”
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