Reported 6 months ago
US stocks dropped as investors reacted to the May jobs report, which exceeded expectations with 272,000 jobs added but raised concerns with the rise in unemployment to 4.0%. The report's impact reset the market outlook, pushing the likelihood of a Fed interest rate cut to December from September. The strong payroll data contradicted recent signs of a cooling US economy and dampened hopes for a July rate cut, contributing to a slight drop in US indexes on Friday despite a weekly gain.
Source: YAHOO