Stocks ended another hectic week with more losses on Friday, as investors considered the negative side of the still strong labor market American.
The S&P 500 fell 1.6%, marking his eighth week of losses in the last nine. Losses by big tech companies contributed to the Nasdaq will drop 2.5 percent.
The index Dow Jones lost 1%. A report showing stronger-than-expected hiring last month is welcome news for the economy amid concerns regarding a potential recession.
The yields of Treasury bond They rose following the government reported stronger-than-expected hiring last month, keeping the Federal Reserve on track for a series of major interest rate hikes aimed at reining in inflation and slowing the economy.
The most comprehensive report from the US government showed that lEmployers added 390,000 jobs last month, better than expectations of 322,500.
The report contained some signs that analysts said might lead the Fed to be less aggressiveand the mixed data might lead markets to oscillate into Friday. Large daily pullbacks have become the norm of late as Wall Street struggles to gauge how aggressive the Federal Reserve is.
Median worker wages were slightly weaker in May than economists expected. While this is discouraging for people who see prices at the grocery store and the gas pump rise more than their paychecks, it might mean less future pressure on inflation across the economy. In addition, job growth in the country slowed last month, although it was better than expected.
“The employment situation remains strong for the economy, but there are some signs of a slowdown“, said Brian Jacobsen, senior investment strategist at Allspring Global Investments. “The signs are not clear and convincing enough to suggest that the Fed needs to pause just yet, but a lot can change in the coming months.”.
“There are just too many uncertainties“, said John Lynch, chief investment officer of Comerica Wealth Management. “You can’t put Ukraine in a spreadsheet and you can’t put the lockdowns on China in a spreadsheet.”
JPMorgan Chase CEO Jamie Dimon said earlier this week that he is preparing his company for a possible “hurricane” economichighlighting the lower economic support from the United States government and the Federal Reserve, as well as the war in Ukraine.
(With information from AP)
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