US Stocks Mixed After Weak Jobs Report

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Major US stock indices turned mixed going into the midday on Friday as investors evaluated the newly proposed tariffs on US goods by China and fresh readings on the US job market.

In economic news, July nonfarm payrolls increased 157,000, missing the 190,000 consensus, but the prior months' gains were revised to 248,000 from 213,000. The unemployment rate ticked down to 3.9% from 4.0%, as expected. Hourly earnings were up 0.3% in line with consensus.

The June trade deficit widened 7.3% to a -$46.3 billion after May's 6.3% narrowing to -$43.2 billion, revised from -$43.1 billion.

The Markit services Purchasing Managers' Index (PMI) fell 0.5 points to 56.0, below expectations for 58.8, in the final July reading from 56.5 in June.

The July Institute for Supply Management (ISM) non-manufacturing index dropped 3.4 points to 55.7, much weaker than the 58.8 expected, after edging up 0.5 ticks to 59.1 in June.

In Europe, equities moved higher after corporate earnings, including from regional banks Credit Agricole and Royal Bank of Scotland ( RBS ).

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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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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