Wall Street’s main indexes rose on Friday as cooling wage growth and a rising unemployment rate cemented expectations that inflation may be easing and renewed hopes the Federal Reserve will be less aggressive on interest rates. interest.
The closely watched Labor Department jobs report showed nonfarm payrolls rose by 315,000 jobs last month, versus expectations of 300,000. Median hourly earnings rose 0.3%, versus estimates of 0.4%, and the unemployment rate advanced to 3.7% from the pre-pandemic low of 3.5%.
The Dow Jones Industrial Average was up 288.50 points, or 0.91%, at 31,945.10; the S&P 500 index gained 34.38 points, or 0.85%, at 4,000 points; and the Nasdaq Composite advanced 81.51 points, or 0.69%, to 11,867.45. All three major indices are headed for a third straight weekly loss.
Notably The Buenos Aires stock market does not operate this Friday in the middle of a national holiday decreed by the Government after the attack that took place the day before against the Vice President of the Nation, Cristina Fernández de Kirchner, in which her life was put at risk after a person triggered him with a gun.
Argentina’s assets closed mixed on Thursday, September 1, in the context of lower business and marked caution, amid fears of a global recession hitting emerging markets. However, this session CER bonds rose strongly, while some Argentine companies on Wall Street performed well.
The S&P Merval ended balanced at 136,302.13 units, after accumulating an increase of 11.2% in August and marking an all-time intraday record of 145,859.42 units on Monday. Among the increases, in the leading panel, the oil company YPF stood out with 2.2%, and among the losses, Telecom with 3.5%. It should be noted that the Argentine oil company was one of the shares that rose the most last month (+46.9%) after presenting a good balance.
“The Argentine energy company (YPF) took all the eyes of investors after showing its solidity during this year. After a dazzling balance, he announced a 10% increase in his investments and an improvement in the company, both in relation to Vaca Muerta as well as lithiuma key factor for the government in the upcoming meetings with the IMF,” said Ayelen Romero of Rava Bursátil.
At the same time, ADRs of Argentine companies on the New York Stock Exchange closed unevenly, with increases of up to 7.3% in the case of Edenor and decreases of up to 4.1% in Ternium’s shares. “The negative tone on Wall Street is spreading, given continuing fears regarding a more hawkish Fed and its correlate in rates, which continues to condition the performance of domestic assets,” assured Gustavo Ber.
It should be noted that in the monthly balance, the leading stock index BYMA S&P Merval rose 11.2% in August. For its part, the index measured in dollars grew 9.5%, almost the same figure as the accumulated annual figure, which stood at 10.9%. In this way, the Merval accumulates a rise of 60.8% so far this year.
Bonds and country risk
As for the fixed income segment, this day on Thursday the CER bonds stood out, culminating in strong increases. Thus, inflation-linked bonds closed with widespread increases. The most important: the PR13 (+3.9%), the TX26 (+3.4%), and the TX28 (+3.3%).
For its part, dollar bonds closed mixed. Among the increases, Bonar 2035 stood out with a rise of 1.8%, while Global 2046 stands out among the falls with a decrease of 3.6%. In that framework, the risk countrywhich measures the JP Morgan bank, rose 0.5% and closed at 2,396 points.
While, In August, the bonds climbed up to 7.2% thanks to the Global 2046. Global 2029 (+5.9%), and Global 2035 (+2.1%) also led the rises. As for the main drops, they were for the Global 2038 (-4.7%), the Bonar 2038 (-4.5%), and the Bonar 2029 (-4.4%).
Source: Ambito
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