- US stocks tumbled at the close, reversing the impulsive rally in NFPs.
- Investors are back to thinking about this week’s US data and hawkish sentiment is a dark cloud over Wall Street.
He S&P 500 500 Index it fell on Friday and the weakness intensified at the close. Nonfarm payrolls data from the US Department of Labor, which provided a mixed view of the US labor market, weighed on market sentiment later in the day. The S&P 500 is down around 0.15% as of this writing, falling from a high of 4,441.50 and hitting a low of 4,397.2.
US Non-Farm Payrolls (NFP) rose by 209,000 in June, the US Bureau of Labor Statistics reported on Friday. This was below market expectations, which had expected a 225,000 increase. The May increase of 339,000 was revised down to 306,000. The US dollar came under renewed selling pressure with the initial reaction to mixed jobs data and US indices higher. However, the bears took hold of the market as data this week suggests that the Federal Reserve will raise interest rates again later in the month.
As for stocks, quarterly results for some of the big US banks will be released next week, marking the unofficial start of the second quarter earnings season. As of Friday, analysts had expected S&P 500 earnings to have fallen 6.4% in the quarter from a year ago, a forecast that has weakened since July 1, according to IBES Refinitiv data. The US Consumer Price Index will also be a key quote.
S&P 500 Technical Analysis
A series of breaks to the upside of the structure leaves the uptrend intact, but the break of 4,329 will leave a bearish outlook on the charts.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
