Wednesday, 01 April 2020
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Wall Street drops as strong jobs report cools rate cut hopes

U.S. stocks lost ground on Friday, retreating from record levels hit in the previous session, after strong U.S. job growth in June pushed investors to scale back bets on aggressive interest rate cuts by the Federal Reserve.

Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five months, and solidly beating economists' expectation of 160,000 additions.

Traders lowered their expectations of a 50 basis point rate cut by the Fed at its policy meeting on July 30-31, although hopes remained high that the central bank would start easing monetary policy.

At 11:01 a.m. ET, the Dow Jones Industrial Average was down 186.45 points, or 0.69%, at 26,779.55, the S&P 500 was down 23.66 points, or 0.79%, at 2,972.16 and the Nasdaq Composite was down 66.81 points, or 0.82%, at 8,103.42.

Source : Reuters

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