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S&P 500 lower after non-farm payrolls, why the downside looms

Stock markets down but moves tiny compared to bonds and FX

The S&P 500 is down 7.7 points after the open to 2097.

The idea that the Fed won't hike rates is good news but the a weak US economy is bad news. What wins out?

My sense is that the cheap-borrowing/buyback/financial engineering/multiple growth story is beginning to get played out and that the stock market can't rally on the Fed alone anymore. Growth will ultimately win out and that will weigh on stocks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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