On Wall Street, Exxon Mobil was one of the heaviest weights on the market after it tumbled 3.7%. banks rattled confidence across financial markets. It’s back to where it was in early March, before the failures of several U.S. The two-year Treasury yield, which moves more on expectations for the Fed, climbed to 4.99% from 4.95%. It helps set rates for mortgages and other important loans. The yield on the 10-year Treasury rose to 4.04% from 3.94% late Wednesday. Hopes for a potential cut to interest rates by early next year diminished. Yields jumped in the bond market as traders ramped up bets for the Fed to keep rates higher for longer than previously expected. services industries remains hot and accelerated in June.įriday's jobs report will likely have a much bigger impact on Wall Street than anything else this week. A separate report meanwhile said growth in U.S. That could mean less upward pressure on inflation. One said employers advertised fewer job openings in May than expected. Other reports on Thursday offered a nuanced picture. The Dow Jones Industrial Average dropped 1.1% to 33,922.26 and the Nasdaq composite gave up 0.8% to 13,679.04. economy improves, it becomes increasingly more challenging to envision what would cause the Fed to CUT rates anytime soon, as many market participants have been anticipating,” Stephen Innes of SPI Asset Management said in a commentary. The Federal Reserve has raised its federal funds rate by 5 percentage points from virtually zero in the past year, trying to smother the worst inflation in decades by slowing the entire economy. workers applying for unemployment last week remains low relative to history, even if it was a bit higher than expected. That in turn could mean more pressure down the line on the economy and financial markets worldwide.Ī report from ADP Research Institute suggested hiring by American private employers was much stronger last month than economists expected, with nearly twice as many jobs created than forecast.īut another report showed the number of U.S. labor market keeps the economy out of a long-feared recession, it could also push the Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation. India's Sensex sank 0.6% and Bangkok's SET index lost 0.3%.Ī jobs report Friday will likely have a much bigger impact on Wall Street than anything else this week. The Shanghai Composite index lost 0.3% to 3,197.42, while Australia's S&P/ASX 200 sank 1.7% to 7,042.30. Treasury Secretary Janet Yellen's visit to Beijing, where she was meeting with senior Chinese officials to try to soothe antagonisms over a host of issues and promote global financial stability. Investors were watching for updates from U.S. BANGKOK – Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest rate hikes were again shaken by strong jobs data.
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