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Market Pulls Back Friday After Strong May Jobs Data | Market Story

Moomoo News ·  Jun 7 16:00

As a general recap, the market declined Friday and the indexes were mixed following jobs data that was much higher than expected.

Just after the close, the $S&P 500 Index (.SPX.US)$ fell 0.11%%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.22%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.23%.

By direction, 3800 equities climbed, while 9400 fell.

In Macro, non-farm payroll data, the favorite of Fed rates and inflation watchers alike, came in higher than expected.

Total nonfarm U.S. jobs grew by 272,000 jobs in May, compared to 182K expected, according to the Labor Department reported on Friday. That's about 100k more than the economy added in April.

The unemployment rate climbed to 4% for the first time in more than two years, over Aprils 3.9%.

Thursday, initial jobless-benefit claims climbed to a four-week high of 229,000 last week. Wednesday, ISM Non-Manufacturing PMI climbed higher than forecast. S&P PMI came out as expected. Sifting through this employment data, investors are looking for signs the job market will fall and push the Fed to lower interest rates.

The  $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.84, and the  $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was flat at 4.42.

Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!

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