Monday, July 15, 2024

US Stocks Experience Mixed Performance on Wall Street Following Weak Jobs Report

Stock Market Update: Job Market Report Shows Hiring Slowdown

The US stock market saw a mixed performance on Friday as investors digested a report showing a slowdown in hiring. According to the latest data from the US labor department, hiring declined in June compared to the previous month, with the unemployment rate rising to 4.1 per cent. This news added to a string of reports indicating a slowdown in the US economy.

In early trading, the Dow Jones Industrial Average was down slightly, while the S&P 500 was flat and the Nasdaq Composite was up. Shares of tech giants like Apple, Amazon.com, and Meta Platforms saw gains, while Tesla stock declined. Macy’s stock, however, climbed 10 per cent after reports of a bid to buy the department store chain for $6.9 billion.

On the energy front, oil prices remained steady, with Brent crude futures and US West Texas Intermediate (WTI) crude futures both seeing slight gains. Meanwhile, gold prices surged to their highest level in a month following the US jobs data release, with spot gold and US gold futures both posting gains.

Overall, the market reaction to the latest economic data suggests that investors are closely monitoring the health of the US economy and adjusting their positions accordingly.

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