(New York) The New York Stock Exchange was moving in mixed order on Friday shortly after the opening, the market calmly welcoming weaker-than-expected employment figures, which raised hopes for a soft landing for the American economy.
Around 10:10 a.m., the Dow Jones returned 0.12%, the NASDAQ index gained 0.27% and the broader S index
The U.S. economy added 209,000 jobs in June, according to the Labor Department, less than the 220,000 expected by economists.
Added to this are revisions for the months of April and May, which reduced the initial figures by 110,000 jobs created.
The report “shows that what the Fed has done is working because the economy has slowed down a bit, making a soft landing possible,” said Adam Sarhan of 50 Park Investments.
The data “isn’t at the expected level, but it’s not bad either,” said Chris Low of FHN Financial.
For Adam Sarhan, the weak reaction of the indices indicates that the consolidation of the last days continues, after the S
“We are about to turn our attention to the earnings season, which is about to start,” said Adam Sarhan. The second-quarter corporate publications campaign kicks off Thursday with PepsiCo and Delta Air Lines, before a series of major US banks on Friday.
Some economists dwelt on the rise in wages, which reached 0.4% over one month, more than the 0.3% expected, a sign that the specter of inflation continues to hang over the American economy.
“Absent a deeper slowdown in inflation and the labor market, the monetary policy stance will remain on the offensive,” Rubeela Farooqi of High Frequency Economics commented in a note.
But if operators are counting more than ever on a rise in the key rate at the July meeting (25 and 26), they doubt additional increases by the end of the year.
This sentiment was reflected in the bond market by an easing of the yield on 2-year US government bonds, to 4.93%, against 4.98% on Friday at the close.
On the odds, Levi Strauss fell (-5.06%) after lowering its annual forecast, in particular due to difficulties in sales activity to retailers in the United States. The icon brand of American jeans saw sales drop 22% in the second quarter in its home country.
Tesla was down (-0.43%) after its leaders co-signed a document with 15 Chinese electric vehicle manufacturers, in which they pledge to end the price war that has been raging in this market for several months.
In the same sector, Rivian was sought after (8.96%), still well oriented after publishing higher sales figures in the second quarter.
After a breather, the values of artificial intelligence resumed their irresistible rise with, in the lead, the manufacturer of graphics cards Nvidia (1.50%) and the specialist in data analysis Palantir (3.17%).
Alibaba advanced (5.59%) after Chinese authorities fined its mobile payments subsidiary Ant Group around $1 billion. This decision marks the end of a government investigation that will have lasted several months and removes the uncertainty that weighed on the company.
