U.S. stocks brace for losses after soft jobs report
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U.S. stocks brace for losses after soft jobs report
CBS MarketWatch
U.S. stocks brace for losses after soft jobs report
Thursday July 3, 8:49 am ET
By Julie Rannazzisi
NEW YORK (CBS.MW) -- Stock prices braced for losses at the open Thursday following a surprisingly soft report on the job market, which incited worries about the health of the U.S. economy.
In the futures pits, the September S&P 500 contract declined 7.60 points, or 0.8 percent, while the Nasdaq 100 contract fell 13.50 points, or 1.1 percent.
The unemployment rate shot up to a nine-year-high 6.4 percent in June compared with May's 6.1 percent, higher than the 6.2 percent reading that had been expected by economists.
A total of 30,000 nonfarm jobs were lost last month vs. the milder 3,000 decline that had been the expected. Adding to the weak tone, May's payroll loss was revised to 70,000 from the 17,000 that had first been reported.
Another gauge of the job market came in weaker-than-expected. Weekly initial claims swelled 21,000 to 430,000, though the more reliable four-week average fell to its lowest level since early April.
Still ahead on the data docket is the release of the Institute of Supply Management's services index for June.
The stock market will observe an early 1 p.m. ET close on Thursday ahead of the Independence Day holiday Friday. Bond markets will shutter Thursday at 2 p.m. ET.
Government bonds erased the bulk of the steep losses suffered early on after the surprisingly weak jobs numbers.
In the latest trades, the 10-year Treasury note was down 3/32 to yield (CBOE^TNXNews) 3.55 percent while the 30-year government bond eased 9/32 to yield (CBOE^TYXNews) 4.60 percent.
In the currency sector, the U.S. dollar was a smidgen higher against its major trading partners, climbing 0.1 percent to 118.20 yen while the euro declined 0.2 percent to $1.1505.
U.S. stocks brace for losses after soft jobs report
Thursday July 3, 8:49 am ET
By Julie Rannazzisi
NEW YORK (CBS.MW) -- Stock prices braced for losses at the open Thursday following a surprisingly soft report on the job market, which incited worries about the health of the U.S. economy.
In the futures pits, the September S&P 500 contract declined 7.60 points, or 0.8 percent, while the Nasdaq 100 contract fell 13.50 points, or 1.1 percent.
The unemployment rate shot up to a nine-year-high 6.4 percent in June compared with May's 6.1 percent, higher than the 6.2 percent reading that had been expected by economists.
A total of 30,000 nonfarm jobs were lost last month vs. the milder 3,000 decline that had been the expected. Adding to the weak tone, May's payroll loss was revised to 70,000 from the 17,000 that had first been reported.
Another gauge of the job market came in weaker-than-expected. Weekly initial claims swelled 21,000 to 430,000, though the more reliable four-week average fell to its lowest level since early April.
Still ahead on the data docket is the release of the Institute of Supply Management's services index for June.
The stock market will observe an early 1 p.m. ET close on Thursday ahead of the Independence Day holiday Friday. Bond markets will shutter Thursday at 2 p.m. ET.
Government bonds erased the bulk of the steep losses suffered early on after the surprisingly weak jobs numbers.
In the latest trades, the 10-year Treasury note was down 3/32 to yield (CBOE^TNXNews) 3.55 percent while the 30-year government bond eased 9/32 to yield (CBOE^TYXNews) 4.60 percent.
In the currency sector, the U.S. dollar was a smidgen higher against its major trading partners, climbing 0.1 percent to 118.20 yen while the euro declined 0.2 percent to $1.1505.
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