Wall Street opens in the red after the publication of the latest employment data in the United States

NEW YORK (EFE).- Wall Street opened in the red on Friday following the publication of the May employment report in the United States, which showed an increase in job creation and dispelled investors’ hopes that the Federal Reserve (Fed) will cut interest rates soon.

Ten minutes following the market opened, the Dow Jones Industrial Average, the main indicator of the New York Stock Exchange, was down 0.20% to 38,807 points.
Meanwhile, the S&P 500 index fell 0.30% to 5,336 points, and the Nasdaq technology index fell 0.41% to 17,102 points.

The US Bureau of Labor Statistics revealed on Friday that the unemployment rate in the United States rose by one-tenth in May compared to April, reaching 4%.

However, following plummeting in April to 165,000 jobs created, in May there was a recovery in net new job creation to 272,000, some 107,000 more than those created a month earlier.

This figure is higher than the 232,000 jobs created per month on average over the past twelve months, a figure that continues to support the strength of the US labour market, at a time when the Federal Reserve is analysing data such as this to decide when to start lowering interest rates.

Investors had been hoping for weaker figures to prompt the Federal Reserve to cut rates. The regulator will meet next week to discuss the direction of monetary policy once more.

On the corporate front, Nvidia fell almost 2% this morning and dropped one position in the ranking of companies with the highest market value, dropping from $3 trillion in market capitalization to $2.9 trillion.

On the other hand, the benchmark 10-year Treasury bond rose to 4.422%.

By sector, losses predominated, led by real estate (-1.41%) and raw materials (-0.91%), while the only sector that opened in the green was the financial sector (0.03%).

Among the 30 Dow Jones stocks, 3M (0.97%) and JPMorgan (0.91%) led the gains, while Home Depot (-1.43%) and Amazon (-0.73%) lost significantly.

In other markets, West Texas Intermediate (WTI) crude oil opened Friday up 0.44% to $75.88 a barrel following OPEC+ members Saudi Arabia and Russia expressed their willingness to reverse or cancel voluntary production agreements if the market is deemed insufficiently robust.

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