NEW YORK: US stock markets opened lower on Friday, but made a slight recovery as traders analyzed the latest US jobs report, which revealed a slowdown in hiring last month.
According to the Labor Department, the United States added 209,000 new jobs in June, signaling a potential cooling down of the economy in certain sectors. The figures were less dramatic compared to the private sector hiring data published by ADP on Thursday, which indicated nearly half a million new jobs and sparked concerns of possible interest rate hikes, causing US stocks to decline.
Approximately 30 minutes into trading, the Dow Jones Industrial Average dipped by around 0.1 percent to 33,906.64, extending losses from the previous day. Meanwhile, the broader S&P 500 edged up by 0.1 percent to 4,415.65, and the tech-heavy Nasdaq Composite Index saw a gain of about 0.4 percent to 13,726.69.
US Stock Markets
The release of the jobs report helped allay fears of near-term inflation skyrocketing again, following the unsettling ADP report from the previous day. Adam Sarhan from 50 Park Investments commented, “Right now, we have earnings season right around the corner, and the market shifted its focus to earnings,” highlighting that upcoming corporate earnings will be a significant catalyst for investors.
