U.S. Stocks Turn In Mixed Performance Ahead Of Monthly Jobs Data
05 Setembro 2024 - 5:33PM
IH Market News
After ending yesterday’s lackluster session narrowly mixed, the
major U.S. stock indexes turned in another mixed performance during
trading on Thursday. While the S&P 500 closed lower for the
third straight session, the tech-heavy Nasdaq ended the day in
positive territory.
The Nasdaq bounced back and forth across the unchanged line
before eventually closing up 43.37 points or 0.3 percent at
17,127.66. Meanwhile, the S&P 500 (SPI:SP500) fell 16.66 points
or 0.3 percent to 5,503.41 and the Dow slid 219.22 points or 0.5
percent to 40,755.75.
The mixed performance on Wall Street came following the release
of mixed readings on employment ahead of the release of the closely
watched monthly jobs report on Friday.
Before the start of trading, payroll processor ADP released a
report showing private sector employment in the U.S. increased by
much less than expected in the month of August.
ADP said private sector employment rose by 99,000 jobs in August
after climbing by a downwardly revised 111,000 jobs in July.
Economists had expected private sector employment to jump by
145,000 jobs compared to the addition of 122,000 jobs originally
reported for the previous month.
Meanwhile, the Labor Department released a separate report
showing a modest decrease by first-time claims for U.S.
unemployment benefits in the week ended August 31st.
The report said initial jobless claims dipped to 227,000, a
decrease of 5,000 from the previous week’s revised level of
232,000.
Economists had expected jobless claims to edge down to 230,000
from the 231,000 originally reported for the previous week.
On Friday, the Labor Department is scheduled to release its more
closely watched report on employment in the month of August, which
includes both public and private sector jobs.
Economists currently expected employment to climb by 160,000
jobs in August after rising by 114,000 jobs in July.
The unemployment rate is expected to edge down to 4.2 percent in
August after rising to 4.3 percent in July, reaching its highest
level since October 2021.
Sector News
While most of the major sectors showed only modest moves on the
day, pharmaceutical stocks saw considerable weakness, dragging the
NYSE Arca Pharmaceutical Index down by 1.9 percent.
Healthcare, computer hardware and oil producer stocks also
showed notable moves to the downside, while airline stocks saw
significant strength.
Reflecting the strength in the airline sector, the NYSE Arca
Airline Index jumped by 1.9 percent to its best closing level in a
month.
JetBlue (NASDAQ:JBLU) helped lead the sector higher, with the
airline soaring by 7.2 percent after raising its third quarter
revenue guidance.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region turned in a mixed performance on Thursday. Japan’s Nikkei
225 Index slumped by 1.1 percent, while China’s Shanghai Composite
Index crept up by 0.1 percent and Australia’s S&P/ASX 200 Index
rose by 0.4 percent.
Meanwhile, the major European markets all moved to the downside
on the day. While the French CAC 40 Index slid by 0.9 percent, the
U.K.’s FTSE 100 Index fell by 0.3 percent and the German DAX Index
edged down by 0.1 percent.
In the bond market, treasuries recovered from an early pullback
to end the day higher. As a result, the yield on the benchmark
ten-year note, which moves opposite of its price, decreased by 3.7
basis points to 3.731 percent, its lowest closing level in over a
year.
Looking Ahead
Trading on Friday is likely to be driven by reaction to the
monthly jobs report and its impact on the outlook for interest
rates and the economy.
SOURCE: RTTNEWS
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