Reported 11 months ago
Following the release of the US May nonfarm payrolls report, on June 7th, the US stock market opened lower with major indices closing in the red. The report showed stronger-than-expected job and wage growth, with nonfarm payrolls adding 272,000 jobs, surpassing the expected 92,000 increase. Unemployment rate rose to 4% for the first time in over two years, diminishing rate cut expectations. The strong labor market scenario might lead to stubborn inflationary pressures, causing the Federal Reserve to maintain high interest rates in the coming months. Tech-heavy Nasdaq 100 index fell 0.11%, chip stocks fluctuated, and S&P 500, Dow Jones, and other indices closed lower.
Source: YAHOO