Both the S&P 500 and Nasdaq hit record highs at the close on Wednesday, and all three major Wall Street indexes remain on track to end the week with gains.
Wall Street remains close to record highs on Friday as investors digest the June jobs report, which is influencing the strong performance of the New York market and the Federal Reserve’s rate cut calculations.
The S&P 500 remains above 5,000 points after rising 0.3%. The Nasdaq 100, the driving force of today’s session, climbs 0.8% and the Dow Jones industrial component rises 0.7%. Shares of the G7 techno They rise evenly with Meta Platforms in the lead, climbing almost 5%. It is also rising strongly Alphabet 2.5% and Amazon 1.3%. Nvidia and the rest of the bigtechs rise by around 1%.
Index futures initially rose after the Labor Department report, which revealed an increase in the unemployment rate to 4.1% in June, exceeding expectations that had kept it at 4%. However, nonfarm payrolls increased by 206,000 jobs, beating expectations of 190,000. The May figures were revised significantly downward, from 272,000 to 218,000.
Wall Street: What the market is analyzing
Emily Bowersock HillHill, of Bowersock Capital Partners, called the report “relatively benign.” He noted that while the market had expected a smaller increase in employment, the figure was lower than in May, causing concern in some quarters. “For the Fed, this means that what happened in May is not as bad as previously thought. The data is not bad enough to alarm the markets,” Hill said.
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Reuters
U.S. Treasury yields fell, benefiting interest-rate-sensitive mega-cap companies such as Apple, Amazon.com and Meta Platforms, whose shares advanced between 0.7% and 2.2%.
Both the S&P 500 and Nasdaq hit record highs at the close on Wednesday, and all three major Wall Street indexes remain on track to end the week with gains.
Source: Ambito
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