The broader indices struggled for direction in the wake of the Labor Department’s report, which also lowered the May job growth figure to 129,000. This slowdown effectively snapped a three-month streak of gains exceeding 100,000 positions, forcing a rotation in trader sentiment. While the Dow Jones Industrial Average managed a gain of 594.83 points to settle at 52,900.07, the tech-heavy Nasdaq Composite slipped 0.80% to 25,832.67. The S&P 500 remained largely range-bound, finishing at 7,483.24. Despite the mixed performance among major averages, market breadth on the New York Stock Exchange leaned positive, with 1,667 advancing issues outpacing 1,057 decliners in preliminary data.
US Markets Stall as Cooling Job Market Shifts Rate Expectations
A sharp deceleration in June hiring has disrupted market sentiment, as the addition of just 57,000 jobs fell well short of the 115,000 anticipated by analysts. This cooling labor data prompted investors to recalibrate their outlook on Federal Reserve policy, tempering expectations for an immediate interest-rate hike this month.
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