PARIS (Reuters) – The New York Stock Exchange opened uncertainly on Friday, digesting the latest employment indicators that suggested that tensions in the labor market were easing but that the U.S. economy was slowing.
In early trading, the Dow Jones index lost 23.98 points, or 0.06%, to 39,284.02 points, and the broader Standard & Poor’s 500 gained 0.03% to 5,538.83 points. The Nasdaq Composite gained 0.08%, or 14.60 points, to 18,202.905.
Unemployment rose in June, according to the Labor Department’s monthly labor market report, while the number of new jobs was slightly above consensus and wage pressures did not surprise on the upside.
“This is the kind of jobs report the Fed has been waiting for: softer, but still decent, data that could justify two rate cuts this year,” said Florian Ielpo, head of macro research at Lombard Odier IM, who suggested the numbers could justify a rate cut in September.
Still, the overall numbers suggest that the trajectory of the U.S. economy, which has defied expectations over the past two years, is normalizing.
Tesla shares rose 2% as a statement from local Chinese authorities on Friday showed that the group’s cars had become eligible for public procurement.
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(Written by Corentin Chappron, edited by Kate Entringer)
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