(As of 7:10 am PST)
US stocks opened lower Friday
as investors digested labor market data including the Labor Department’s non-farm
payrolls report released early this morning. According to the jobs report, the
private sector added 215,000 jobs in July, slightly below estimates, but strong
enough to set the stage for a likely September rate hike from the Federal
Reserve. The ‘good news-bad news’ trade looks to be unfolding today, as
investors sold down shares soon after the release of the jobs report. In
overseas action, Asian stocks finished Friday’s session mixed, while China’s
Shanghai index climbed 2.25% Friday to close out the week with weekly gains. In
Europe, stocks are down across the board with the negative momentum picking up
steam after the US jobs report was released this morning. Oil prices are down
nearly 1% today, while gold is up slightly. Interest rates spiked momentarily
after the jobs report release, but are settling back down as the 10 yr.
treasury trades flat today at 2.21%. Heading into Friday’s session, all three
US benchmarks look on pace to record weekly losses, with the S&P500 eyeing a
1% weekly decline, while the Dow and Nasdaq face losses of over 1.5%.
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