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The futures are currently pointing to slight losses on Wall Street at the end of the week. The futures contract on the S&P 500 is currently losing 0.3 percent. However, the US job market report for June, due an hour before the opening, should set the direction. With fears of a possible recession mounting recently, investors have turned to the latest economic data to gauge the inflation outlook and, as a result, the US Federal Reserve’s plans for further interest rate hikes.
The US Federal Reserve considers the labor market to be overheated and has therefore raised its key interest rate by 150 basis points since March, as well as because of high inflation. The Fed’s efforts to dampen demand in the labor market and in the overall economy are raising fears of a recession next year. 250,000 new jobs are expected, following 390,000 in May. The unemployment rate is expected to remain at 3.6 percent.
Unicredit expects 300,000 new jobs. “If we’re right, the data is considered strong enough to continue pushing the dollar higher and reassuring investors that the Fed has more room to hike rates than other central banks, given the ongoing gas and energy crisis.” are potentially more threatened by a recession,” say the analysts. In return, the euro might reach parity with the dollar for the first time since 2002. The common currency is currently trading at $1.0117.
In terms of individual values, Twitter shares are down 4.2 percent before the market. As the Washington Post reported, citing informed people, the team is changing Elon Musk the information provided by Twitter was insufficient. Separately, Twitter said that due to the slowdown in business and the possible impending acquisition by Musk, positions in the human resources department would be eliminated.
Gamestop fell 7.2 percent following the video games retailer replaced its chief financial officer. In contrast, Levi Strauss gained 4.1 percent following the jeans manufacturer exceeded expectations with sales and profits in the second quarter.
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(END) Dow Jones Newswires
July 08, 2022 5:47 AM ET (09:47 GMT)
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