DOW JONES INDUSTRIAL AVERAGE STRUGGLES TO FIND DIRECTION ON FRIDAY AFTER NFP CORKSCREW
- Dow Jones churned but went nowhere after US NFP beats forecasts.
- Despite NFP beat, steep revisions sparked rate cut hopes.
- Rebounding risk sentiment pushed other indexes higher but left Dow Jones behind.
The Dow Jones Industrial Average (DJIA) whipsawed on Friday, churning around 39,300.00 after US Nonfarm Payrolls (NFP) gave markets just enough wiggle room to reignite rate cut hopes. The broader US equity market firmly climbed on fresh expectations of a rate trim from the Federal Reserve (Fed), but the Dow Jones remained mired in technical consolidation.
Read more: US Nonfarm Payrolls increase 206,000 in June vs. 190,000 forecast
Friday’s US NFP beat median market forecasts, adding 206K net new jobs in June. While the figure handily beat the expected 190K, the previous month saw a sharp downside revision to 218K from the initial print of 272K.
US Average Hourly Earnings growth also cooled for the year ended June, easing to the expected 3.9% YoY compared to the previous period’s 4.1%. The US Unemployment Rate also ticked higher, rising to 4.1% for the first time since December of 2021. Markets had broadly forecast a hold at 4.0%.
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