U.S. Stocks Fall Despite Big Jump in June Jobs
Investing.com
Published Jul 08, 2022 09:28AM ET
By Liz Moyer
Investing.com -- U.S. stocks were falling Friday despite a robust jobs report for June that pushed aside, at least for now, ongoing fears about a recession.
At 10:18 AM ET the Dow Jones Industrial Average was down 89 points, or 0.3%, while the S&P 500 fell 0.5% and the Nasdaq fell 0.6%.
The economy added 372,000 jobs last month, compared with expectations for 268,000, while the unemployment rate stayed at 3.6%.
The tight labor market comes despite the Federal Reserve’s attempts to cool demand, and Friday’s number isn’t likely to knock the central bank off its goal of taming inflation by raising interest rates quickly. Expectations are that the Fed will raise rates by another 0.50 to 0.75 percentage point later this month.
Twitter Inc (NYSE:TWTR) shares fell 3.4% after a report in the Washington Post that Elon Musk’s deal for the social media company was in jeopardy.
Shares of GameStop Corp (NYSE:GME) fell 9% after the videogame retailer said it had replaced its chief financial officer and would lay off employees. The company earlier announced a 4-for-1 stock split.
Oil rose. Crude Oil WTI Futures was up 2.2%, to $105 a barrel, and Brent Oil Futures crude was up 2%, to $106 a barrel. Gold Futures was flat at $1,740.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.