Wall Street’s three major stock indexes closed lower on Friday after a solid jobs report dashed hopes of a pause in the Federal Reserve’s aggressive monetary policy tightening needed to cool inflation further. high in decades.
The S&P 500 index closed down 1.63% at 4,108.54 points. The Dow Jones fell 1.05% to 32,899.70 points. The Nasdaq Composite technology index fell 2.47% to 12,012.73 points.
Earlier on Friday, a major report from the U.S. Department of Labor showed that non-farm payrolls rose by 390,000 last month and wages rose, while the unemployment rate held steady at 3.6. %. All indicators signal a tight labor market.
“This tells us the economy is in good shape, which is good news, but when viewed in the context of what it means for the Federal Reserve and monetary policy tightening, it probably makes them more confident they can continue to tighten.” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. “This is a little negative for investors because they expect the Fed to take a break (from rate hikes) later this year.”
Among the top 11 sectors in the S&P 500, consumer discretionary was the weakest, down 2.9%, followed by technology (-2.5%). The energy index, up 1.4%, was the only one of the group that made gains, with the advance of oil prices.
For the week, the S&P 500 is down 1.2%, while the Nasdaq is down 0.98% and the Dow Jones is down 0.94%, following sharp rallies the previous week for all three indices.
Source: CNN Brasil
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