👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

U.S. stocks were falling after stronger-than-expected ADP jobs report

Published 07/07/2023, 12:20 am
© Reuters.
XAU/USD
-
US500
-
DJI
-
INTC
-
QCOM
-
JBLU
-
GC
-
LCO
-
CL
-
IXIC
-
SAVEQ
-
META
-
AAL
-

Investing.com -- U.S. stocks were falling as investors awaited Friday’s jobs report for June after an unexpectedly strong private payrolls report.

At 9:41 ET (13:41 GMT), the Dow Jones Industrial Average was down 343 points or 1%, while the S&P 500 was down 1% and the NASDAQ Composite fell 1.1%.

Wall Street fell on Wednesday after the Federal Reserve released the minutes of its June meeting, where policymakers agreed that more rate hikes are likely as the central bank works to cool inflation.

Futures markets are betting on a quarter of a percentage point hike in July and then again in November. Any moves higher would come after the Fed paused on rate hikes in June to assess how much impact their 10 consecutive hikes have had to this point.

Economic data due this week include jobless claims, job openings, and private payrolls data, heading into Friday’s job report for June. ADP’s private payroll reading was 497,000 jobs created in June, well above expectations for 228,000. Jobless claims for last week came in slightly higher than expected.

A strong jobs report could encourage the Fed to continue raising rates.

The prospect of the Fed ending its tightening phase had pushed tech stocks higher to start the year, with the Nasdaq rising 32% for the first half of 2023.

Shares of Meta Platforms, Inc. (NASDAQ:META) dipped 0.1% after the Facebook and Instagram parent launched its competitor to Twitter late Thursday, but hit a new 52-week high in early trading.

Shares of chipmakers were in focus as Treasury Secretary Janet Yellen arrives in Beijing for a weekend of meetings with officials there as tensions continue to rise between the U.S. and China over technology and other issues.

Shares of Intel Corporation (NASDAQ:INTC) and Qualcomm Incorporated (NASDAQ:QCOM) were under pressure, falling 2.4% and 1.4%, respectively.

Shares of JetBlue Airways Corporation (NASDAQ:JBLU) were down 5% after it said it would end an alliance with American Airlines (NASDAQ:AAL) and focus on its purchase of Spirit Airlines (NYSE:SAVE).

Oil was falling. Crude Oil WTI Futures was down 1.7% to $70.54 a barrel, while Brent Oil Futures crude was down 1.5% to $75.44 a barrel. Gold Futures fell 0.79% to $1,911.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.