Wall Street’s major indexes extended losses on Friday as investors worried that the US central bank might need to be more aggressive than expected in raising rates to fight inflation.
The S&P 500 index closed down 0.57% at 4,123.34 points. The Dow Jones fell 0.30% to 32,899.37 points. The Nasdaq Composite technology index fell 1.4% to 12,144.66 points.
The Nasdaq technology index marked its lowest closing level since 2020 and posted its fifth straight weekly loss, its longest streak of declines since the fourth quarter of 2012. The S&P 500 index also amended its fifth straight weekly loss, longest streak of weekly declines. since the second quarter of 2011.
The Labor Department released stronger-than-expected jobs data, which showed a net increase of 428,000 jobs outside the agricultural sector in April from an expected 391,000, underscoring the economy’s strong fundamentals despite a contraction in Gross Domestic Product (GDP) in the first quarter.
The unemployment rate was unchanged at 3.6% on the month, while average hourly earnings advanced 0.3%, against a forecast of a 0.4% rise.
Nine of the top 11 sectors in the S&P 500 buckled. The energy index gained 2.9% as oil prices rose on supply concerns.
Most traders expect an interest rate adjustment of 0.75 percentage points at the Federal Reserve’s June meeting, although Fed Chair Jerome Powell ruled out such a move.
Source: CNN Brasil
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