Startup Observer.com
  • Home
  • Industries
  • Innovation
  • outsourcing
  • Business
  • Finance
  • Headlines
  • Opinion
  • News
Home Finance Wall Street muted on jobs growth as inflation, Delta fears weigh
Finance

Wall Street muted on jobs growth as inflation, Delta fears weigh

by jcp August 6, 2021
August 6, 2021
gawdo

By Lawrence Delevingne

BOSTON (Reuters) -A positive jobs report spurred Wall Street to push some stocks and Treasuries higher on Friday, but investor optimism was tempered by looming inflation, declining Federal Reserve stimulus and the spread of the Delta variant of the coronavirus.

Nonfarm payrolls increased by 943,000 jobs in July after rising 938,000 in June, the Labor Department said in its closely watched employment report on Friday, suggesting the economy maintained its strong momentum amid demand for workers in the labor-intensive services industry. Economists polled by Reuters had forecast payrolls increasing by 870,000 jobs.

“It’s a number that’s hard to say anything but positive things about,” Sameer Samana, a market strategist at Wells Fargo Investment Institute in St. Louis, said in an interview. “Especially with the Delta variant kind of perking up, it would be much more confidence-building for the market to have a very strong economy.”

Still, stocks gains were muted. The Dow Jones Industrial Average rose 110.29 points, or 0.31%, to 35,174.54, the S&P 500 gained 4.76 points, or 0.11%, to 4,433.86, and the Nasdaq Composite dropped 44.28 points, or 0.3%, to 14,850.84.

Peter Cardillo, an economist with Spartan Capital Securities in New York, said the jobs number was “solid” but that it indicates “inflation has more staying power and is not necessarily temporary.”

Treasury yields extended their gains, having earlier been helped by the drop in jobless claims.

Benchmark 10-year Treasury yields rose to 1.2835%, approaching a week high after their U.S. close at 1.217% on Thursday, and helping the dollar, which rose against the yen to a week high.

“The strength of hiring calls into question the rally in treasuries that took place over the last few months,” Mike Bell, a market strategist at J.P.Morgan Asset Management, said in an email. “We expect this to be the start of a sustained move higher in treasury yields over the rest of the year.”

Oil prices declined again Friday, set for their biggest weekly loss since October after falls earlier in the week triggered by rising COVID-19 cases and a surprise build in U.S. crude stockpiles. [O/R]

U.S. crude recently fell 0.56% to $68.70 per barrel and Brent was at $71.09, down 0.28% on the day.

The dollar crept higher on Friday, lifted by the positive jobs report, which bolstered the case for faster U.S. policy tightening. The dollar index was last up about 0.512, or 0.555%, in midmorning trading.

The stronger dollar and potential for higher yields hurt gold. Spot gold dropped 2.2% to $1,764.80 an ounce, and U.S. gold futures fell 2.37% to $1,762.30 an ounce. [GOL/]

Ether, the world’s second largest cryptocurrency, fell about 2% as of Friday morning, a day after a major software upgrade to its underlying ethereum blockchain, which is expected to stabilize transaction fees and reduce supply of the token.

(Reporting by Lawrence Delevingne; additional reporting by Caroline Valetkevitch, Medha Singh and Stephen Culp; editing by Jonathan Oatis)

 

www.gawdo.com
Share on FacebookShare on TwitterShare on Linkedin
0 FacebookTwitterPinterestEmail
previous post
OnBuy raises £35M in impressive Series A+ funding round
next post
Early signs COVID-19 vaccines may not stop Delta transmission, England says

You may also like

UK’s number one funeral plan provider authorised by...

August 2, 2022

Grayce invests £4m+ in new collaboration hubs and...

August 1, 2022

Most Australian lawyers and accountants are concerned about...

July 29, 2022
Editorial & Advertiser disclosureEditorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
gawdo.com
https://www.gawdo.com
  • About us
  • Advertising & Terms of Use
  • Contact Us
  • Privacy Policy

@2021 - All Right Reserved.


Back To Top
Startup Observer.com
  • Home
  • Industries
  • Innovation
  • outsourcing
  • Business
  • Finance
  • Headlines
  • Opinion
  • News
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT