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Wall Street Rallies on Soft Jobs Data and Rate Cut Speculation 

um editor

UM Editor

July 8, 2024 at 11:11 am

On Friday, the S&P 500 and the Nasdaq hit record highs, climbing by 0.54% and 0.9%, respectively, and the Dow Jones added 67.87 points (0.17%). The session was influenced by data indicating a decrease in US hiring for June and a rise in the unemployment rate to the highest since the end of 2021, which led to a drop in Treasury yields and sparked speculation about a possible rate cut in September.  

In June, the U.S. unemployment rate increased to 4.1%, surpassing market predictions of no change. The figure, up from 4% in May, marks the highest jobless rate since November 2021. Additionally, the nonfarm payrolls report showed a 206K increase, though it also revised downwards job growth for the prior two months by a total of 111K. 

Sector-wise, communication services stocks were at the forefront of the gains, with Meta (META.US) and Alphabet (GOOG.US) rising by 5.87% and 2.44%, respectively. Consumer staples stocks like Walmart (WMT.US) and Costco (COST.US) also did well, increasing by 2.64% and 2.67%. On the other hand, energy stocks trailed behind, with Exxon (XOM.US) and Chevron (CVX.US) experiencing declines of 1.21% and 1.53%. 

Over the week, the S&P 500 marked its fourth week of gains in the last five, advancing by 1.95%. Similarly, the Nasdaq and the Dow Jones saw increases of 3.5% and 0.66%, respectively. 

(S&P 500 Index Yearly Chart) 

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