Wall Street erases initial gains after weak US job data

Wall Street erases initial gains after weak US job data

The United States Department of Labor published data on job offers that show some weakness in the world’s main economy. Energy stocks lead losses in the S&P500.


Wall Street’s main indices fall this Tuesdayafter the latest US labor market data aggravated the concern about the growing weakness of the world’s largest economy.

The Industrial Average Dow Jones falls 0.1%, to 38,521 units; he S&P 500 loses 0.4%, to 5,264 units; and the Nasdaq Composite fell 0.4%, to 16,770 units.

Indices pared early gains after a Labor Department report showed Job openings fell to 8.05 million in April, below an expectation of 8.35 millionahead of May nonfarm payrolls numbers, which will be released on Friday.

Trade data increased in the US

On the other hand, the Commerce Department announced that orders for manufactured goods increased 0.7%, above the forecasts of economists, who expected an increase of 0.6%.

After the data was known, the yield on Treasury bonds fell and Expectations of a reduction in interest rates in September stood at 66.66%, compared to 65% prior to the reportaccording to CME’s FedWatch tool.

The most affected stocks within the S&P 500 are those in the energy sector, amid demand concerns that pressure crude oil prices. Exxon shares fall 2.4%.

Likewise, rate-sensitive large-cap stocks, such as Nvidia, Apple, Meta and Microsoft, were also some of the main drags on the S&P 500.

Source: Ambito

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